The initial public offering (IPO) of merchant commerce platform Pine Labs Ltd opened for subscription today, Friday, November 7, 2025, aiming to raise nearly ₹3,900 crore from the primary markets. The IPO will remain open until Tuesday, November 11, 2025.

Pine Labs IPO Price Band and Lot Size

The Pine Labs IPO price band is set between ₹210 and ₹221 per share. The lot size for retail investors is 67 shares, requiring a minimum investment of ₹14,807.

At the upper end of the price band, Pine Labs plans to raise ₹3,899.91 crore through the book-building issue, comprising a fresh issue of 9.41 crore equity shares worth ₹2,080 crore, and an offer-for-sale (OFS) of 8.23 crore shares aggregating to ₹1,819.91 crore.

Pine Labs IPO Timeline

• IPO Open Date: November 7, 2025
• IPO Close Date: November 11, 2025
• Basis of Allotment: November 12, 2025 (likely)
• Listing Date: November 14, 2025 (tentative)
• Exchanges: BSE and NSE

Axis Capital Ltd. is the book running lead manager, while Kfin Technologies Ltd. serves as the registrar for the issue.

Pine Labs IPO Subscription Status

The bidding for the Pine Labs IPO opened at 10:00 AM today. The subscription status will be updated once data from exchanges becomes available later in the day.

Pine Labs IPO GMP Today

The Pine Labs IPO GMP today stands at ₹12 per share, according to market observers. This indicates that Pine Labs’ shares are trading at ₹233 apiece in the grey market, reflecting a 5.43% premium over the upper issue price of ₹221 per share.

While the modest premium suggests cautious optimism among investors, analysts highlight that grey market movements should not be the sole basis for investment decisions.

Pine Labs Overview

Pine Labs is a leading Fintech company operating through a strong ecosystem of 9.8 lakh merchants, 716 consumer brands and enterprises, and 177 financial institutions across India, Malaysia, Singapore, the UAE, Australia, the USA, and Africa (as of June 2025).

The company counts major clients such as HDFC Bank, Croma, and LG Electronics, and aims to capture a ₹276 trillion market opportunity by FY29.

Between FY23 and FY25, Pine Labs recorded a revenue CAGR of 19.3% and an impressive EBITDA CAGR of 538.6%, showcasing strong operational turnaround and profitability growth. Additionally, a portion of IPO proceeds (₹532 crore) will be used to repay existing debt, strengthening the balance sheet.

Valuation and Analyst Opinions

At the upper price band, Pine Labs is valued at:

• EV/Sales: 8.0x
• EV/EBITDA: 82.8x
• EV/Adjusted EBITDA: 50.7x

SBI Securities notes that Pine Labs has demonstrated a robust business model and expects the company to deliver sustainable, profitable growth in the coming years. The brokerage recommends investors subscribe to the issue with a long-term view.

However, Swastika Investmart offers a more cautious take, arguing that the IPO appears aggressively valued based on current financials. It advises avoiding the IPO for now, citing high valuation and limited short-term visibility.

Also Read: PhysicsWallah IPO Targets ₹31,500 Crore Valuation; Price Band Set at ₹103-109 Per Share