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₹221 - 221
Pine Labs Ltd
E-Commerce/App based AggregatorIPO
₹221 - 221
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 the digitization journey of our customers in India, Malaysia, UAE, Singapore, Australia, the U.S and Africa. We broadly categorize our offerings into our "Digital Infrastructure and Transaction Platform" and our "Issuing and Acquiring Platform".
Lot67Min Invest₹14,807Face Value₹1Issue Size₹3,900 CrFresh Issue₹2,080 CrOffer for Sale₹1,820 CrListing Price₹242CMP₹155
Timeline
7 Nov
Bidding opens
11 Nov
Bidding closes
12 Nov
Allotment
13 Nov
Refund & demat credit
14 Nov
Listing
Subscription
Subscription opens once dates are announced
Reports
Offer Details
Terms
Issue Size₹3,900 Cr17.65 Cr shares
Fresh Issue₹2,080 Cr
Offer for Sale₹1,820 Cr
Face Value₹1
Lot Size67 shares
ReservationQIB 75% · NII 15% · RETAIL 10%
Application Sizes
Retail₹14,8071-13 lots
sNII₹2,07,298from 14 lots
bNII₹10,06,876from 68 lots
Managers & Registrar
Lead ManagerAxis Capital Limited
Co-ManagerMorgan Stanley India Company Private Limited, Citigroup Global Markets India Private Limited, J.P. Morgan India Private Limited, Jefferies India Private Limited
RegistrarKFin Techologies Ltd
Ownership & Proceeds
Offer for Sale
Selling ShareholderShares OfferedAmt ₹ CrActis Pine Labs Investment Holdings LimitedOTH88,08,097194.66Altimeter Growth Partners Fund III, L.P.OTH18,97,11641.93Bharat Inclusive Technologies Seed Holdings LimitedOTH34,3930.76BlackRock Emerging Frontiers Master Fund LimitedOTH2,21,0924.89BlackRock Emerging Markets FundOTH1,12,2522.48BlackRock Global Funds - Emerging Markets FundOTH2,66,3725.89BlackRock Global Funds - Global Multi-Asset Income FundOTH53,9601.19Duro India Opportunities Fund Pte. Ltd.OTH1,63,4363.61Duro One Investments LimitedOTH9,26,03320.47IC Partners Long Only FundOTH2,97,7736.58Ishana Capital Master FundOTH4,28,5359.47Lenarco LimitedOTH18,00,61139.79Lightspeed India Partners I, LLCOTH1,91,1264.22Lightspeed Venture Partners XII MauritiusOTH1,05,2382.33Lone Cascade, L.P.OTH24,13,49153.34Lone Cypress, Ltd.OTH18,02,46739.83Lone Sierra, L.P.OTH44,0450.97Lone Spruce, L.P.OTH42,1660.93Macritchie Investments Pte. Ltd.OTH87,47,787193.33Madison India Opportunities IVOTH30,18,78466.72Mastercard Asia/Pacific Pte. Ltd.OTH59,25,004130.94Neuberger Berman Equity Funds, Neuberger Berman Emerging Markets Equity FundOTH3,63,1618.03PayPal Pte. Ltd.OTH67,86,963149.99Peak XV Partners Investments IVOTH2,73,3866.04Peak XV Partners Pine Investment HoldingsOTH2,30,02,308508.35Redbrook Pte. LimitedOTH3,6430.08Sofina Ventures S.A.OTH19,98,35944.16Tree Line Asia Master FundOTH18,15,77740.13WF Asian Reconnaissance Fund LimitedOTH12,07,45926.68Abhishek JainOTH7,4340.16Abhishek R BulaOTH2,7080.06Aik Phong NgOTH7,7720.17Ajith Mohandasa PrabhuOTH11,1440.25Alok MittalOTH3,6430.08Aman ShuklaOTH8120.02Amit KumarOTH2,1390.05Anisha SasheendranOTH6,3370.14Ankush KalashOTH1,2860.03Anupam JainOTH17,0340.38Anurag Arjun MishraOTH2,2750.05Arun SarinOTH2,81,4846.22Audrone PakalnyteOTH15,0170.33Chai Swet LiOTH3790.01Chandan KumarOTH17,6570.39Deepak GuptaOTH2,2510.05Deepak MathurOTH6,4860.14Deepak TomarOTH10,3720.23Dev Anand SharmaOTH1,73,9843.85Dharmendra KumarOTH1,3540.03Dheeraj ChowdhryOTH15,8430.35Dilhany JayawardenaOTH1,6790.04Dinesh KrishnamurthyOTH2,0710.05Dipesh Kamlesh ShahOTH4470.01Fook Chiong LaiOTH1,2860.03Gaurav Bhushan SharmaOTH1,6930.04Hiren Bharatkumar TrivediOTH1,0830.02Jasmeet Singh AroraOTH8,7070.19Jitendra Kumar SinghOTH1,2190.03Joel Eu Jin NeohOTH1,86,0904.11Karun Poonacha KOTH1,07,3372.37Krishnan Gopalakrishnan IyerOTH19,4580.43Kumar GauravOTH15,6660.35Kush MehraOTH1,50,0003.31Lokesh GodaraOTH5,0240.11Lokvir KapoorOTH22,21,27749.09Mantu SinghOTH1,5030.03Marc Kay MathenzOTH1,56,3273.45MayankOTH16,7500.37Naganath Kumar SudarsanOTH6,39,01114.12Nipun MehraOTH60,4861.34Nitin GuptaOTH6,3910.14Nitin PansariOTH3,1280.07Nitish Kumar AsthanaOTH1,07,8922.38Pei Yee LeeOTH8120.02Prabhakar KumarOTH2,7620.06Prakhar GourOTH3,0470.07Pratap Thoppil PankajakshanOTH27,0820.60Rahul AgarwalOTH9,4540.21Rajesh TharejaOTH29,2480.65Rakesh Kumar ShuklaOTH33,0940.73Rakesh O.P. SharmaOTH6,63,52014.66Rathna Girish MathruboothamOTH18,1580.40Ravi Pratap SinghOTH34,2980.76Rupesh NandaOTH11,1030.25Sahil Ramanath KiniOTH1,21,0002.67Sameer DoshiOTH3,8270.08Sameer MaheshwaryOTH1,77,2873.92Sanjeev KumarOTH7,50,34716.58Sarhan Bin Abdul SamatOTH2030.00Shubham ChauhanOTH1,0560.02Siva Shankar ThiyagarajanOTH3,4130.08Solanki Jatin PravinOTH3,9260.09Sourjyo RoyOTH7850.02Sushil KumarOTH3,3450.07Syed Viqar Husain NaqviOTH6,8790.15Venugopal ChoudharyOTH56,5191.25Vikas JaitlyOTH1,5570.03Vikash SrivastavaOTH4,3330.10Vinay MadanOTH9350.02Vipul VarshneyOTH11,9090.26Vishal MishraOTH10,1420.22Vishal RathoreOTH1,0830.02Wynda OctariaOTH1,3810.03Yeoh Chen ChowOTH85,3201.89Yogendar Prasad RikhariOTH5,2130.12Total7,91,35,8081,748.90
Objects of the Issue
- Repayment / prepayment, in full or in part, of certain borrowings availed of by the Company
- Investment in certain of our Subsidiaries, namely Qwikcilver Singapore, Pine Payment Solutions, Malaysia and Pine Labs UAE for expanding our presence outside India
- Investment in IT assets, expenditure towards cloud infrastructure, technology development initiatives and procurement of DCPs,
- General corporate purposes
- Investment in IT assets and expenditure towards cloud infrastructure
- Expenditure towards procurement of DCPs
- Expenditure towards technology development initiatives
- General corporate purposes and unidentified inorganic acquisitions
Financials
Profit & Loss
| Financial Year | FY23 | FY24 | FY25 | FY26 | Latest |
|---|---|---|---|---|---|
| RevenueCr | 1,598 | 1,770 | 2,274 | 2,711 | 2,832 |
| Operating ProfitCr | 5 | -25 | 218 | 358 | 409 |
| OPM% | 0.3 | -1.4 | 9.6 | 13.2 | 14.4 |
| PBTCr | -289 | -398 | -136 | 137 | 180 |
| PATCr | -265 | -342 | -145 | 113 | 127 |
| EPS | -3 | -3 | -1 | 1 | 1 |
Balance Sheet
| Financial Year | FY23 | FY24 | FY25 | FY26 | Latest |
|---|---|---|---|---|---|
| Equity CapitalCr | 0 | 0 | 0 | 115 | - |
| ReservesCr | 3,640 | 3,443 | 3,403 | 5,781 | - |
| BorrowingsCr | 438 | 654 | 970 | 441 | - |
| Fixed AssetsCr | - | - | 1,947 | 1,963 | - |
| Total AssetsCr | 9,363 | 9,649 | 10,716 | 13,297 | - |
Cash Flow
| Financial Year | FY23 | FY24 | FY25 | FY26 | Latest |
|---|---|---|---|---|---|
| Operating Cash FlowCr | -152 | -229 | 50 | 395 | - |
| Investing Cash FlowCr | -371 | 45 | -159 | -1,339 | - |
| Financing Cash FlowCr | 2 | -220 | -201 | 1,972 | - |
| Net Cash FlowCr | -521 | -403 | -311 | 1,029 | - |
Strengths & Risks
Strengths · as stated in the DRHP
- Platform with proven scale and growth in operating profitability.
- Ecosystem which brings together merchants, consumer brands and enterprises, and financial institutions enabling commerce transactions and creating network effects.
- Deep partnerships with large merchants, consumer brands and enterprises, and financial institutions.
- Full stack, cloud-based flexible and scalable technology platform.
- Ability to consistently innovate new solutions and features.
- Experienced, professional management team with entrepreneurial leadership.
Strategies · as stated in the DRHP
- Scale and increase adoption of our existing offerings and expand our offerings suite.
- Broaden and deepen our partnership ecosystem.
- Invest in our technology platform.
- Enter new international markets and expand within existing international markets.
- Continue to pursue strategic acquisitions and investments.
Risks · as stated in the DRHP
- The company has incurred losses in the recent past, including a loss for the year of Rs.1,454.87 million in Fiscal Year 2025 primarily driven by the Company's total expenses, which was 104.29% of total income in Fiscal Year 2025. There can be no assurance that the company will not continue to suffer losses in the future.
- The company has had negative cash flows from operations in the recent past. The Company's net cash used in operating activities in the three months period ended June 30, 2025 was Rs.2,811.93 million. There can be no assurance that the company will not continue to generate negative cash flows in the future.
- If the company is unable to retain the Company's existing customers and acquire additional customers, the Company's business, financial condition and results of operations could be adversely affected.
- The Company's top 10 customers accounted for 29.30% and 30.95% of its revenue from operations for the three months period ended June 30, 2025 and Fiscal Year 2025, respectively. The Company's revenue from operations is concentrated among a few key customers, and any decision by these customers to reduce or terminate their business with it could significantly impact the Company's business, financial condition and results of operations.
- The auditor's reports on the Company's financial statements contain certain remarks and modifications including adverse opinions for the Fiscal Years 2025, 2024 and 2023. There can be no assurance that future audit reports will not include remarks from its auditors, which may have an adverse effect on the Company's business, financial condition and results of operations.
- The Company's operations are subject to regulation, oversight and inspection by the Reserve Bank of India ("RBI") and the Reserve Bank Information Technology Private Limited ("ReBIT"), and any adverse observations, proceedings or notices from the RBI or ReBIT may adversely affect its business, financial condition, results of operations and prospects.