Pine Labs IPO listing: Shares debut at 10% premium on the bourses

Shares of Pine Labs Ltd. made a decent debut at Dalal Street on Friday, November 14, as the fintech major was listed on the bourses at ₹242 on both NSE and BSE. This marks a premium of nearly 10% over its issue price ₹221 apiece.

The company's three-day IPO was subscribed 2.46 times, led by strong demand from Qualified Institutional Buyers (QIBs), who booked their quota 4 times. The Non-Institutional Investor (NII) segment subscribed 0.3 times, while the retail portion was booked 1.22 times.

Pine Labs had priced its IPO at ₹210-221 per share, targeting a valuation of over ₹25,300 crore.

According to Prashanth Tapse of Mehta Equities, the valuation appeared "slightly on the higher side," which was reflected in the overall subscription numbers.

Tapse said that Pine Labs' market leadership, large addressable market, and focus on high-margin tech solutions make it suitable only for risk-taking investors willing to hold for the long term. He advised new investors to wait for a post-listing correction before considering any fresh entry.

Pine Labs Listing Live Blog: Get all the updates here

In the unlisted market, the Grey Market Premium (GMP) stood at ₹5.5 per share earlier, though these indications are speculative and not always reflective of actual listing levels.

The company raised ₹3,899 crore through the IPO, comprising a ₹2,080 crore fresh issue and an Offer for Sale (OFS) of ₹1,819.9 crore.

The fresh proceeds will be deployed toward technology expansion, debt repayment, and international growth, while the OFS will provide partial exits to existing investors.

Company snapshot

Pine Labs is a technology-led payments and commerce platform servicing merchants, consumer brands, enterprises, and financial institutions. Its offerings include digital payments, billing integration, loyalty and rewards management, affordability solutions, dynamic currency conversion, and store digitisation.

As of June 2025, the company operated across India and international markets, Malaysia, Singapore, the UAE, Australia, the US, and Africa, serving 9.8 lakh merchants, 716 brands and enterprises, and 177 financial institutions.

In the point-of-sale and merchant solutions space, Pine Labs competes with Paytm, PhonePe, Razorpay, Infibeam, and PayU, and globally with Adyen, Shopify, and Block.

For the nine months ended December 2024, the company reported a profit of ₹26.14 crore on revenue of ₹1,208 crore.

Axis Capital, Morgan Stanley India, Citigroup Global, JPMorgan India, and Jefferies India acted as book-running lead managers, while KFin Technologies was the registrar.

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