The initial public offer of Pine Labs received bids for 24,09,38,834 shares as against 9,78,93,739 shares on offer. The issue was subscribed 2.46 times.
The Qualified Institutional Buyers (QIB) category was subscribed 4 times, the Retail Individual Investors category was subscribed 1.22 times and the Non-Institutional Investors category was subscribed 0.30 times.
The issue opened for bidding on 7 November 2025 and it closed on 11 November 2025. The price band of the IPO is fixed between Rs 210 and 221 per share.
The issue comprised an offer for sale of 8.23 crore equity shares from an investor selling shares to raise Rs 1729-1820 crore. The company is a professionally managed company, and there is no identifiable promoter.
Out of the net proceeds from the fresh issues of shares, the company proposes to use Rs 532 crore for repayment/prepayment, in full or in part, of certain borrowings; Rs 60 crore for investment in certain of Subsidiaries, namely Qwikcilver Singapore, Pine Payment Solutions, Malaysia, and Pine Labs UAE, for expanding presence outside India, Rs 230 crore for investment in IT assets, expenditure towards cloud infrastructure; Rs 430 crore for technology development initiatives and procurement of DCPs; and Rs 100 crore for expenditure towards technology development initiatives. The company also proposes to utilize balance net IPO proceeds post general corporate expenses and IPO-related expenses for funding inorganic growth through unidentified acquisitions.
Pine Labs, incorporated in 1998, is a technology company focused on digitizing commerce through digital payments and issuing solutions for merchants, consumer brands and enterprises, and financial institutions.
The offerings are categorized into (i) digital infrastructure and transaction platform and (ii) issuing and acquiring platform. The digital public infrastructure solutions range across payments, data, and insights through application programming interface (API)-enabled technology platforms for financial institutions, enabling them to use its technology to manage the life cycle of a consumer, including onboarding, underwriting, collections, and engagement. The company processed payments of Rs 11.43 lakh crore in gross transaction value (GTV) and 568 crore transactions through platforms in FY2025.
Ahead of the IPO, Pine Labs, on 6 November 2025, raised Rs 1,753.83 crore from anchor investors. The board allotted 7,93,58,986 shares at Rs 221 each to 71 anchor investors.
The firm reported a consolidated net profit of Rs 4.79 crore and sales of Rs 615.91 crore for the three months ended on 30th June 2025.