Pine Labs IPO listing: Fintech firm debuts at 9.5% premium over issue price, beats estimates

Digital payments processor Pine Labs made a solid debut on the domestic bourses on Friday after successfully raising ₹3,899.91 crore via the initial public offering (IPO) route. The shares of the fintech firm listed at ₹242 on the BSE and NSE, a premium of 9.5% over the issue price of ₹221 apiece, valuing the company at ₹27,788.29 crore.

Meanwhile, the BSE benchmark Sensex was trading 69 points lower at 84,409, and the Nifty50 was down 59 points at 25,821.

The debut of Pine Labs shares was better than Street expectations, as the stock was trading at a grey market premium of ₹5.5 in the unlisted market, indicating a listing price of around ₹226.5, up 2.49%.

Prashanth Tapse, Senior VP (Research), Mehta Equities, in his pre-listing view, said that Pine Labs was expected to open flat, given the lukewarm subscription momentum. Considering that the valuation was priced slightly on the higher side, this was reflected in the overall subscription trend.

“However, considering Pine Labs’ market leadership, expanding addressable market, and continued focus on high-margin, technology-driven solutions, we recommend that only risk-taking investors should ‘HOLD’ the Pine Labs IPO with a long-term investment perspective. New investors are advised to wait and watch for any post-listing correction as a potential entry opportunity,” he said.

IPO subscribed 2.5 times

Pine Labs IPO, which was a combination of a fresh issue of equity shares worth ₹2,080 crore and an offer for sale of shares aggregating to ₹1,819.91 crore, was subscribed 2.48 times. The Noida-based company had fixed the price band at ₹210–₹221 per share, valuing the company at around ₹25,377 crore at the upper end of the issue price.

The public issue, which opened for bidding between November 7–11, was subscribed 1.27 times in the retail category, 3.97 times in qualified institutional buyers (QIBs), and 0.30 times in the non-institutional investors (NIIs) category.

Pine Labs IPO bidding started on November 7, 2025, and ended on November 11, 2025. The allotment for the Pine Labs IPO was finalized on November 12, 2025. Pine Labs IPO will list on the BSE and NSE on November 14, 2025.

Founded in 1998, Pine Labs is one of India’s leading merchant commerce platforms, offering payment solutions, merchant financing, and other fintech services to retailers and enterprises. Over the years, it has expanded into Southeast Asia and the Middle East, with key investors including Sequoia Capital, Temasek Holdings, and Mastercard.

As per the DRHP, the fintech firm intends to use the capital raised from the fresh issue to repay certain borrowings availed by the company and its subsidiaries. The firm proposes to utilise an estimated amount of up to ₹530 crore to repay debt availed by the company. As of August 31, 2025, the aggregate outstanding borrowings of the company stood at ₹836.63 crore.

A part of the capital will be utilised to invest in subsidiaries—Qwikcilver Singapore, Pine Payment Solutions Malaysia, and Pine Labs UAE—to expand its presence outside India. It will invest up to ₹60 crore in its overseas growth initiatives to strengthen its international presence across digital infrastructure and transaction platforms, as well as issuing and acquiring platform operating segments in its key international markets, such as the Middle East and Southeast Asia.

The company also proposes to invest ₹760 crore in IT assets, expenditure towards cloud infrastructure, technology development initiatives, and the procurement of DCPs.

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