Pine Labs Ipo
Pine Labs IPO Review & Key Points
Review:
Promoters and Holding Pattern
Our Company Does Not Have An Identifiable Promoter.
IPO Lead Managers aka Merchant Bankers
Axis Capital Limited
Morgan Stanley India Company Pvt Ltd
Citigroup Global Markets India Private Limited
J.P. Morgan India Private Limited
Jefferies India Private Limited
| Application | Lot Size | Shares | Amount |
| Retail Minimum | 1 | – | ₹- |
| Retail Maximum | 13 | – | ₹- |
| S-HNI Minimum | 14 | – | ₹- |
| B-HNI Minimum | 68 | – | ₹- |
| Investor Category | Share Offered | -% Shares |
| Anchor Investor | – Shares | -% |
| QIB (Ex. Anchor) | – Shares | 75% |
| NII Shares Offered | – Shares | 15% |
| Retail Shares Offered | – Shares | 10% |
| Anchor Bidding Date | November 6, 2025 |
| Anchor Investors List | |
| Shares Offered | [.] Shares |
| Anchor Size | [.] Cr. |
| lock-in period end date 50% shares (30 Days) | December 12, 2025 |
| lock-in period end date 50% shares (90 Days) | February 10, 2026 |
| IPO Open Date: | November 7, 2025 |
| IPO Close Date: | November 11, 2025 |
| Basis of Allotment: | November 12, 2025 |
| Refunds: | November 13, 2025 |
| Credit to Demat Account: | November 13, 2025 |
| IPO Listing Date: | November 14, 2025 |
| IPO Bidding Cut-off Time: | November 11, 2025 – 5 PM |
| Purpose | Crores |
| Repayment / prepayment, in full or in part, of certain borrowings availed of by our Company and certain of our Subsidiaries, | ₹870 |
| Investment in certain of our Subsidiaries, namely Qwikcilver Singapore, Pine Payment Solutions, Malaysia and Pine Labs UAE for expanding our presence outside India | ₹60 |
| Investment in IT assets, expenditure towards cloud infrastructure, technology development initiatives and procurement of DCPs | ₹760 |
| General corporate purposes and unidentified inorganic acquisitions | – |
| Period Ended | Revenue | Expense | PAT | Assets |
| 2023 | ₹1,690.44 | ₹1,032.43 | ₹265.15 | ₹9,363.21 |
| 2024 | ₹1,824.16 | ₹1,402.39 | ₹341.90 | ₹9,648.56 |
| 2025 | ₹2,327.09 | ₹1,622.80 | ₹145.49 | ₹10,715.74 |
| June 2025 | ₹653.08 | ₹1,238.41 | ₹4.79 | ₹10,904.32 |
| KPI | Values |
| ROE: | -% |
| ROCE: | -% |
| EBITDA Margin: | -% |
| PAT Margin: | -% |
| Debt to equity ratio: | – |
| Earning Per Share (EPS): | ₹(1.45) (Basic) |
| Price/Earning P/E Ratio: | N/A |
| Return on Net Worth (RoNW): | (4.15)% |
| Net Asset Value (NAV): | ₹(22.43) |
| Company | EPS | PE Ratio | RoNW % | NAV | Income |
| One97 Communications Limited | (10.35) | (110.98) | (4.69) | 235.54 | 6,900.40 Cr. |
| Zaggle Prepaid Ocean Services Limited | 6.99 | 48.87 | 9.64 | 99.25 | 1,303.76 Cr. |
| IPO Open Date: | November 7, 2025 |
| IPO Close Date: | November 11, 2025 |
| Face Value: | ₹1 Per Equity Share |
| IPO Price Band: | ₹[.] to ₹[.] Per Share |
| Issue Size: | Approx ₹[.] Crores |
| Fresh Issue: | Approx ₹2,080 Crores |
| Offer for Sale: | Approx 82,348,779 Equity Shares |
| Issue Type: | Book Build Issue |
| IPO Listing: | BSE & NSE |
| DRHP Draft Prospectus: | |
| RHP Draft Prospectus: |