Pine Labs is raising funds through an IPO of Rs 3,899.91 crore comprising a fresh issue of Rs 2,080 crore and an offer-for-sale of up to Rs 1,819.91 crore.
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Angel One Report
Pine Labs Ltd. launched its initial public offering today and will conclude on November 11, with a price band of Rs 210–Rs 221 per share.
Pine Labs is raising funds through an IPO of Rs 3,899.91 crore comprising a fresh issue of Rs 2,080 crore and an offer-for-sale of up to Rs 1,819.91 crore.
The fresh issue proceeds will be used for repayment/prepayment of borrowings (Rs 532 crore), investment in subsidiaries for overseas expansion (Rs 60 crore), investment in IT assets, cloud infrastructure and technology development (Rs 760 crore), and the balance for general corporate purposes and inorganic acquisitions.
The shares will be listed on both the National Stock Exchange and the BSE on Nov 14.
At the upper price band of Rs 221 per share, the company's valuation cannot be meaningfully compared on a P/E basis as it remains loss-making at the net level and on EV/Ebitda its trading at a premium to its listed peers leading to valuation discomfort despite strong sector and company outlook.
Hence, we recommend a “Neutral” rating for investors with a medium to long-term horizon.
Company Overview
Pine Labs is a leading merchant commerce platform providing omni-channel digital payment, card issuing, and fintech solutions that connect merchants, brands, and financial institutions through a unified, cloud-based infrastructure enabling seamlessin-store and online transactions.
The company operates two integrated platforms, the Digital Infrastructure and Transaction Platform (DITP) for payment acceptance, EMI and affordability services, and value-added merchant solutions; and the Issuing and Acquiring Platform (IAP) for prepaid, gift, and loyalty card issuance and processing.
As of June 30, 2025, Pine Labs served 9.9 lakh merchants, 716 enterprises, and 177 financial institutions, processing ₹11.42 trillion in gross transaction value across 5.68 billion transactions, making it one of India's leading digital payment enablers.
Backed by global investors such as Temasek, Peak XV Partners, PayPal, Actis, and Mastercard, Pine Labs is the largest issuer of closed and semi-closed loop gift cards in India and among the top five in-store digital payment players, supported by growing profitability and expanding presence across India and Southeast Asia.
Key Risks:
Key risks include dependence on merchant and financial partners, intense competition in the fintech space, cybersecurity and technology upgrade challenges, and regulatory uncertainties across markets.
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