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Pine Labs IPO
Pine Labs
₹14,070 /67 sharesMinimum Investment
Pine Labs IPO Details
| Bidding dates | Minimum investment | Lot size | Price range |
|---|---|---|---|
| 7 Nov ‘25 - 11 Nov ‘25 | ₹14,070 | 67 | ₹210 - ₹221 |
| Issue size | IPO doc | Tentative allotment date | Tentative listing date |
|---|---|---|---|
| 3,899.91 Cr | RHP PDF | 12 Nov ‘25 | 14 Nov ‘25 |
Subscription rate
As of 07 Nov'25, 06:31 PM
| Qualified Institutional Buyers | 0.02x |
| Non-Institutional Investor | 0.07x |
| Retail Individual Investor | 0.54x |
| Employees | 2.96x |
| Total | 0.13x |
About Pine Labs
Founded in
1998
MD/CEO
Mr B. Amrish Rau
Parent organisation
Pine Labs
Strengths & Risks of Pine Labs
Strengths
Risks
Pine Labs has developed a growing ecosystem connecting merchants, consumer brands, enterprises, and financial institutions. The company states that the number of merchants stood at 988,304 as of the period ended June 30, 2025, up from 954,426 in FY25, 644,500 in FY24, and 530,318 in FY23.
Pine Labs claims to be the largest player in closed- and semi-closed-loop gift card issuances in India by transaction value. The company further states that in FY25, it had processed a gross transaction value (GTV) of Rs 11,424.97 billion across 5.68 billion transactions.
The company claims to have established long-term relationships with key merchants, consumer brands, and financial institutions. Their partnerships span various sectors, including retail, e-commerce, healthcare, and hospitality. The company further states that some of its notable collaborations with companies such as Croma and HDFC Bank have expanded over a decade, with increasing levels of engagement and a wider range of offerings over time.
The company claims to have developed a cloud-native, application programming interface (API)-first platform designed to support high transaction volumes and ensure scalability. The company further claims that in FY25, the platform processed 5.68 billion transactions, up from 3.44 billion transactions in FY24 and 1.75 billion transactions in FY23, while maintaining a 99.93 percent uptime for payments and a 99.99 percent uptime for prepaid issuing.
Pine Labs claims to have a strong track record of launching innovative commerce solutions, including its proprietary online payment platform, ‘Plutus,’ and its affordability solutions. The company further claims these innovations are powered by their purpose-built technology stack, which supports rapid API integrations, robust security, and substantial transaction processing.
The company has reported a consistent increase in revenue from operations. It increased from Rs 1,597.66 crore in FY23 to Rs 1,769.55 crore in FY24 and Rs 2,274.27 crore in FY25.
The company has reported consistent losses over the last three years, amounting to Rs 145.49 crore in FY25, Rs 341.90 crore in FY24, and Rs 265.14 crore in FY23. The losses were mainly driven by high employee benefit costs, depreciation and amortisation expenses, purchases of stock-in-trade, and transaction-related costs. Despite a profit of Rs 4.79 crore for the period ended June 30, 2025, continuing investment in technology, acquisitions, and market expansion may keep expenses elevated. It is imperative for the company to turn profitable at the earliest to make the business sustainable and provide adequate returns to investors.
The company has reported negative cash flow from operating activities amounting to Rs 281.19 crore for the period ended June 30, 2025, Rs 229.00 crore in FY24, and Rs 152.36 crore in FY23. These were primarily driven by working capital changes, such as increases in trade receivables, other financial assets, and bank balances earmarked for prepaid gift cards. Continued business expansion may further strain cash generation from operations, and any failure to generate adequate cash flows could necessitate additional financing, negatively affecting the company’s liquidity and growth plans.
The top five customers accounted for Rs 129.62 crore (21.05 percent) of the company’s revenue for the period ended June 30, 2025; Rs 507.21 crore (22.30 percent) in FY25; Rs 492.44 crore (27.83 percent) in FY24; and Rs 495.65 crore (31.02 percent) in FY23. Furthermore, the top customer alone accounted for Rs 50.78 crore (8.24 percent) of the company’s revenue for the period ended June 30, 2025; Rs 241.52 crore (10.62 percent) in FY25; Rs 302.01 crore (17.07 percent) in FY24; and Rs 307.64 crore (19.26 percent) in FY23. Such reliance exposes the company to customer concentration risk, as these clients are generally not bound by exclusive long-term agreements and may reduce or terminate business engagements at short notice. Any loss of a major customer or a decline in transaction volume from these key clients could adversely affect the company’s revenue, profitability, and overall financial performance.
The company and its subsidiaries are involved in certain ongoing legal proceedings, including criminal and tax-related matters. Any adverse judgments in any of these cases could be detrimental to the company’s business prospects.
Employee benefits expenses accounted for Rs 291.32 crore (47.30 percent) of the company’s revenue for the period ended June 30, 2025; Rs 984.23 crore (43.28 percent) in FY25; Rs 887.30 crore (50.14 percent) in FY24; and Rs 895.25 crore (56.04 percent) in FY23. Any sudden increase in these costs, whether due to higher salaries, recruitment expenses, or stock options, could strain the company’s finances.
A significant portion of the company’s revenue is derived from its digital infrastructure and transaction platform segment. It accounted for Rs 434.37 crore (70.53 percent) of the company’s revenue for the period ended June 30, 2025; Rs 1,603.23 crore (70.49 percent) in FY25; Rs 1,276.43 crore (72.13 percent) in FY24; and Rs 1,152.40 crore (72.13 percent) in FY23. Heavy reliance on this single operating segment exposes the company to concentration risk, as any disruption in service quality, loss of key customers, pricing pressure, or shift to competitors could significantly affect its business performance.
The company is exposed to credit risks arising from providing instant and early settlement facilities to its merchants by pre-funding escrow accounts as permitted under the RBI Payment Aggregator Master Directions. This process requires the company to use its own funds to pay merchants before receiving settlement from counterparties, creating potential liquidity and credit exposure. There have been instances where the day-end balance in the escrow accounts was lower than the total outstanding dues to merchants, which were reported to the RBI. Failure to effectively manage escrow funds or comply with regulatory requirements could result in monetary penalties, loss of licenses, reputational harm, and an adverse impact on the company’s business and financial condition.
As of June 30, 2025, the company had contingent liabilities of Rs 331.04 crore. If any of these contingent liabilities materialise, it could adversely affect the company’s business and finances.
The company’s trade receivables primarily comprise dues from merchants, consumer brands, enterprises, and financial institutions, which typically have credit periods ranging from 0 to 90 days. As of June 30, 2025, total trade receivables and contract assets amounted to Rs 995.50 crore, with total impairment losses and bad debts written off representing 1.40 percent of that amount. This is an increase from Rs 885.12 crore in FY25, Rs 766.07 crore in FY24, and Rs 722.49 crore in FY23. Any delay or default in customer payments may affect cash flow and liquidity, while a sustained increase in impairment losses could impact profitability.
As of August 31, 2025, the company had outstanding financial indebtedness of Rs 836.64 crore. Any failure to service or repay these loans can harm the company’s operations and financial position.
Pine Labs Financials
*All values are in Rs. Cr
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Application Details of Pine Labs IPO
| Apply as | Price band | Apply Range |
|---|---|---|
| Regular | ₹210 - 221 | Upto ₹2 Lakh |
| Employee | ₹189 - 200 | Upto ₹2 Lakh |
| High Networth Individual | ₹210 - 221 | ₹2 - 5 Lakh |
For Pine Labs IPO, eligible investors can apply as Regular & Employee.