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15 Days Price Change

Pine Labs IPO

Closing In

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WEBSITE Inc. Year: 1998 Industry: Fintech Listed Page

Profile
Issue Size 2163.45 Cr
Profile
Price Range 210  to  221 per share
Profile
Min Investment ₹221
Profile
Lot Size 1
Profile
Face Value ₹1
Profile
Draft Prospectus
Invest Before the IPO Goes Live

Buy unlisted shares early and participate in the growth before public listing.

Profile
  • Basic Info
  • IPO Tentative Timetable
  • IPO Lot Size
  • Subscription Status
  • Financials
  • Profit & Loss
  • Balance Sheet
  • Cash Flow
  • Ratios
  • Growth Rates
  • Other info

Overview

We are a technology company focused on digitizing commerce through digital payments and issuing solutions for merchants, consumer brands and enterprises, and financial institutions. Our advanced technology infrastructure helps to accelerate their digitization journey in India and a growing number of international markets including Malaysia, UAE, Singapore, Australia, the U.S. and Africa. Our “Digital Infrastructure and Transaction Platform” comprises in-store and online payment infrastructure, affordability, value added services (“VAS”) such as dynamic currency conversion and transaction processing, and financial technology (“FinTech”) infrastructure solutions and software applications. Our “Issuing and Acquiring Platform” comprises issuing, processing and distribution of prepaid solutions and engagement solutions, along with our unified issuing and acquirer processing platforms. Through our cloud-based software technology we help digitize, simplify and make commerce more secure for our ecosystem of merchants, consumer brands and enterprises, and financial institutions, ultimately empowering them to serve consumers and enable consumption. Read More

Basic Info

Face Value 1 per share

Price 210  to  221 per share

P/E (x) -147.3

Sales( Cr.) 2274

PAT( Cr.) -145

EPS -1.5

Draft Prospectus

Exchange BSE-NSE

Promoter

Company Promoters

No promoters available

Pre Issue Share Holding --%

Post Issue Share Holding --%

Listing Details:

Listing Price: 242

Listing Gain: 8.68%

Current Price: 144.5

Gain On Issue: 144.5 | 0%

GMP: 5.5

GMP %: 2.5 %

IPO Tentative Timetable

Opening Date Nov 07, 2025
Closing Date Nov 11, 2025
Allotment Nov 12, 2025
Refund Nov 13, 2025
Delivery of Shares Nov 13, 2025
Listing Date Nov 14, 2025

IPO Lot Size

Application Lots Shares Amount
Retail (Min) 1 67 14,807
Retail (Max) 13 871 192,491
S-HNI (Min) 14 938 207,298
S-HNI (Max) 67 4489 992,069
B-HNI (Min) 68 4556 1,006,876

Objective of the Issue

a) Repayment / prepayment, in full or in part, of certain borrowings availed of by our Company.b) Investment in certain of our Subsidiaries, namely Qwikcilver Singapore, Pine Payment Solutions, Malaysia and Pine Labs UAE for expanding our presence outside India.c) Investment in IT assets, expenditure towards cloud infrastructure, procurement of digital check-out points (“DCP”) and technology development initiatives.d) General corporate purposes and unidentified inorganic acquisitions.

Issue

Category Nos Bid Bid (x)
QIB 52442127 209792544 4x
NII 27191602 8030754 0.3x
Retail 18127735 22142830 1.2x
EMP 132275 972706 7.4x
Total 97893739 240938834 2.5x

Net Sales (in cr.)

Total Income (in cr.)

Operating Profit (in cr.)

Net Profit (in cr.)

Shareholder Funds (in cr.)

Total Assets (in cr.)

Pine Labs Profit & Loss

#(Fig in Cr.) Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 TTM
Net Sales 843 650 934 1598 1770 2274
Other Income 23 33 24 94 55 53
Total Income 865 683 958 1692 1824 2327
Total Expenditure 761 560 820 1594 1794 2056
Operating Profit 105 123 138 98 30 271
Interest 18 22 24 36 64 79
Depreciation 155 175 189 315 363 292
Exceptional Income / Expenses 0 0 0 -37 0 -37
Profit Before Tax -68 -74 -75 -289 -398 -136
Provision for Tax -21 -18 -52 -24 -56 9
Profit After Tax -47 -56 -23 -265 -342 -145
Adjustments 0 0 0 0 0 0
Profit After Adjustments -47 -56 -23 -265 -342 -145
Adjusted Earnings Per Share -0.7 -0.7 -0.3 -2761.9 -3561.5 -1515.5

Pine Labs Balance Sheet

#(Fig in Cr.) Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025
Shareholder's Funds 1047 1191 1913 3739 3542 3506
Minority's Interest 0 0 0 0 0 0
Borrowings 97 98 93 154 114 47
Other Non-Current Liabilities 79 36 1 285 57 51
Total Current Liabilities 2224 3205 4166 5074 5775 6954
Total Liabilities 3447 4530 6174 9252 9487 10558
Fixed Assets 1017 980 1019 2103 1920 1825
Other Non-Current Assets 151 145 380 514 468 492
Total Current Assets 2279 3405 4776 6634 7100 8241
Total Assets 3447 4530 6174 9252 9487 10558

Pine Labs Cash Flow

#(Fig in Cr.) Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025
Opening Cash & Cash Equivalents 79 1633 32 1471 956 556
Cash Flow from Operating Activities 11 111 -68 -152 -229 50
Cash Flow from Investing Activities 112 -260 -446 -371 45 -159
Cash Flow from Financing Activities 1431 823 726 2 -220 -201
Net Cash Inflow / Outflow 1554 674 212 -521 -403 -311
Closing Cash & Cash Equivalent 1633 2307 244 956 556 245

Pine Labs Ratios

# Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025
Earnings Per Share (Rs) -0.66 -0.72 -0.28 -2761.93 -3561.49 -1515.49
CEPS(Rs) 1.5 1.54 2.05 519.64 217.4 1527.15
DPS(Rs) 0 0 0 0 0 0
Book NAV/Share(Rs) 14.57 15.42 21.68 34890.35 31828.78 32198.06
Core EBITDA Margin(%) 9.74 13.81 12.2 0.25 -1.41 9.59
EBIT Margin(%) -5.93 -7.99 -5.44 -15.88 -18.82 -2.53
Pre Tax Margin(%) -8.06 -11.4 -7.98 -18.12 -22.47 -6
PAT Margin (%) -5.61 -8.59 -2.42 -16.6 -19.32 -6.4
Cash Profit Margin (%) 12.76 18.34 17.78 3.12 1.18 6.45
ROA(%) -1.37 -1.4 -0.42 -3.44 -3.65 -1.45
ROE(%) -4.51 -4.99 -1.53 -10.38 -10.68 -4.73
ROCE(%) -4.08 -3.9 -2.88 -8.16 -8.18 -1.37
Receivable days 92.66 161.16 128.9 101.54 128.03 120.12
Inventory Days 1.42 1.91 2.99 5.9 7 4.66
Payable days 143.87 1006.96 2656.3 939.35 882.8 595.79
PER(x) 0 0 0 0 0 0
Price/Book(x) 0 0 0 0 0 0
Dividend Yield(%) 0 0 0 0 0 0
EV/Net Sales(x) -1.88 -3.55 -3.78 -3 -2.66 -2.29
EV/Core EBITDA(x) -15.09 -18.72 -25.6 -48.81 -158.51 -19.18
Net Sales Growth(%) 0 -22.86 43.68 71.06 10.76 28.52
EBIT Growth(%) 0 -3.88 2.06 -399.07 -31.29 82.76
PAT Growth(%) 0 -18.18 59.5 -1072.27 -28.95 57.45
EPS Growth(%) 0 -9.96 61.48 0 -28.95 57.45
Debt/Equity(x) 0.17 0.21 0.13 0.1 0.17 0.27
Current Ratio(x) 1.02 1.06 1.15 1.31 1.23 1.19
Quick Ratio(x) 1.02 1.06 1.14 1.3 1.22 1.18
Interest Cover(x) -2.78 -2.34 -2.15 -7.1 -5.17 -0.73
Total Debt/Mcap(x) 0 0 0 0 0 0

Sihora Industries Growth Rates

# 1 Year 3 Year 5 Year 10 Year
Sales CAGR 28% 35% 22% 0%
Operating Profit CAGR 803% 25% 21% 0%
PAT CAGR 0% 0% 0% 0%
# 1 Year 3 Year 5 Year 10 Year
Share Price CAGR NA% NA% NA% NA%
ROE Average -5% -9% -6% -6%
ROCE Average -1% -6% -5% -5%

Company Contact Information

Pine Labs Ltd.

Neerav Mehta

+91 22 6986 3600

cosecy@pinelabs.com

Unit No. 408, 4th Floor Time Tower M G Road D L F Qe

IPO Lead Manager(s)

Pine Labs Ltd.

Axis Capital Ltd.

Morgan Stanley India Co Pvt Ltd

Citigroup Global Markets India Pvt Ltd.

JP Morgan India Pvt Ltd

Jefferies India Pvt Ltd.

Registrar Info

Pine Labs Ltd.

K FIN Technologies Ltd.-(Karvy Fintech Pvt Ltd.)

Karvy Selenium Tower B, Plot 31-32 Gachibowli,Financial District, Nanakramguda Hyderabad – 500032 Tel. No. 040 67161500 Fax. No. 040 23001153 E-mail: einward.ris@karvy.com Website: www.karvy.com Toll Free No. of exclusive Call Centre:1-800-345001

040 - 67162222/18003094001

einward.ris@kfintech.com

https://www.kfintech.com

Frequently Asked Questions

All You Need To Know About IPO

When you leave without vesting, generally unvested ESOPs are cancelled. Vested ESOPs usually can be exercised after you depart, often within 3 to 6 months, depending on the company's ESOP plan.

For companies listed on a stock exchange, you can sell the shares any time after you exercise the ESOP option and the shares are in your demat account. If the company is unlisted or otherwise a startup, you can only sell the shares if and when the company announces a buyback or has a process for secondary sales.

Whenever you exercised your options to hold shares, you entered into a market risk situation, and if the valuation of the company drops, so do the shares.

Yes. ESOPs are valuable to the employer in that the employer is able to retain the best talent, align employee interests with company goals, and preserve cash while rewarding performance.

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