Pine Labs IPO opens from November 7 to November 11, 2025, with a price band of ₹210 – ₹221 per share and listing date set for November 14, 2025. The total issue size is ₹3,899.91 crore, comprising ₹2,080 crore as a fresh issue and ₹1,819.91 crore through an Offer for Sale by major investors. Pine Labs is a leading merchant commerce fintech provider, empowering over 915,000 merchants with digital payment solutions, POS terminals, and value-added services across India and global markets. The Pine Labs IPO offers investors exposure to a growing digital payments ecosystem, strengthened by institutional backing and global expansion ambitions.
₹5
₹221
₹242.00
Expert Opinions
Market sentiment for Pine Labs IPO reflects a mix of cautious optimism and excitement, as the fintech giant is listing at a valuation roughly 40% below its last private funding round but well-positioned in India’s growing digital payments ecosystem. Pine Labs’ strengths include a diversified business model serving over 900,000 merchants, strong international expansion, and backing from reputed investors. However, risks include tough competition from Paytm and PhonePe, price wars in merchant payments, and ongoing losses impacting near-term returns.
Valuation analysis of Financial Year 2025 highlights the Pine Labs IPO with an EBITDA margin of 15.68%, indicating improving operational efficiency. Long-term, Pine Labs offers an attractive growth story as India’s digital payments market expands, suitable for patient investors focused on compounding gains.
Investor Considerations
Investors considering Pine Labs IPO should note mixed company performance and fundamentals, with revenues growing 28% to ₹2,327 crore in FY 2025 but a Return on Net Worth (RoNW) of negative 4.15% and a Net Asset Value (NAV) of ₹-22.43 crore, reflecting accumulated losses despite growth. The broader digital payments sector outlook remains positive, benefiting from rapid digitization and increasing merchant adoption.
Valuation metrics of Pine Labs IPO in FY 2025 highlight a Net Worth of ₹35,061.50 million and ongoing investments in technology and expansion. Growth prospects are fueled by strong merchant network and international markets. Risks include regulatory uncertainty, fierce competition, customer concentration, and operational losses. The IPO suits long-term investors with a high-risk appetite, while short-term investors should exercise caution due to earnings volatility and market fluctuations.
| Date | GMP | Trend |
|---|---|---|
| 13 Nov 2025 11.00 | ₹5 | --- |
| 12 Nov 2025 19.48 | ₹5 | Up |
| 10 Nov 2025 20.16 | ₹00 | Down |
| 09 Nov 2025 12.02 | ₹5 | --- |
| 08 Nov 2025 19.35 | ₹5 | --- |
| 07 Nov 2025 11.16 | ₹5 | Down |
| 06 Nov 2025 20.21 | ₹10 | Down |
| 05 Nov 2025 19.30 | ₹20 | Down |
| 03 Nov 2025 15.24 | ₹35 | Down |
| 01 Nov 2025 15.35 | ₹60 | Up |
| 28 Oct 2025 19.12 | ₹00 | --- |
FAQs
The Grey Market Premium showed moderate accuracy in predicting Pine Labs IPO’s listing performance. With a final GMP of ₹5, it projected a premium of 2.26% over the issue price of ₹221, while the stock listed at ₹242, delivering a gain of 9.50%. This resulted in a prediction error of 7.24%, where the GMP correctly signaled a positive listing but underestimated the actual gain, reflecting fair reliability in this case.
Pine Labs IPO Current GMP is ₹5.
Pine Labs IPO Expected Returns is 2.26%.
Pine Labs IPO estimated listing price is ₹226.