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Pine Labs share price: Fintech major Pine Labs debuted on the stock exchange with a 9.5% premium
Pine Labs Share Price
Fintech major Pine Labs made a strong market debut on Friday, listing at Rs 242 — a 9.5% premium over its IPO price of Rs 221. The Rs 3,900-crore public issue was subscribed 2.48 times, driven mainly by institutional demand. QIBs subscribed 3.97 times, while retail participation was modest at 1.27 times and the NII segment lagged at 0.30 times.
Founded in 1998, Pine Labs is one of India’s leading merchant commerce and digital payments platforms. Its ecosystem spans smart PoS solutions, BNPL integrations, payment gateway services, gift card arm Qwikcilver, and merchant lending tie-ups. As of June 2025, it serves 988,000 merchants, 716 consumer brands, and 177 financial institutions.
The company counts marquee global investors such as Temasek, Peak XV Partners, PayPal, Actis, and Mastercard among its backers.
Financially, Pine Labs has delivered strong topline growth but carries legacy accumulated losses. Revenue for FY25 rose 28% to Rs 2,327 crore, and after years in the red, the company turned profitable in Q1 FY26 with a PAT of Rs 4.79 crore. Its net worth—negative earlier—turns positive after the issue.
India’s fintech and digital payments industry continues to expand rapidly. The total addressable TPV of Rs 116.8 lakh crore ($1.4 trillion) in FY2025 is projected to rise to Rs 256–276 lakh crore ($3.0–3.3 trillion) by FY2029, growing at 22–24% annually. Rising card penetration, affordability-led products, and broader merchant digitisation are key drivers.
High growth expectations also mean valuations remain elevated. The IPO included a sizeable OFS of Rs 1,820 crore, enabling early investors to partially exit.
Despite premium pricing, institutional investors are optimistic about Pine Labs’ long-term potential. Its strong merchant network, recurring payments flows, and deep bank partnerships support its transition from a payments company to a software-led commerce platform offering loyalty solutions, instant EMIs, digital gift cards, and working-capital financing.
A major share of the IPO proceeds will go towards expansion: Rs 532 crore for debt repayment, Rs 760 crore for cloud and technology investments, Rs 60 crore for expansion across Singapore, Malaysia and the UAE, and Rs 626 crore for acquisitions.
Analysts note that while the IPO appeals to long-term investors, the pricing offered limited scope for a big listing pop. The muted 3% GMP ahead of listing reflected cautious sentiment around high-valuation tech IPOs with thin profitability.
While Pine Labs’ return to profitability in Q1 FY26 is encouraging, analysts emphasise the need for sustained earnings performance as fintech valuations increasingly depend on durability, cash flows, and long-term profitability.
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Aparna Deb is a Subeditor and writes for the business vertical of News18.com. She has a nose for news that matters. She is inquisitive and curious about things. Among other things, financial markets, economy, a…Read More
Aparna Deb is a Subeditor and writes for the business vertical of News18.com. She has a nose for news that matters. She is inquisitive and curious about things. Among other things, financial markets, economy, a… Read More
November 14, 2025, 10:19 IST
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