Pine Labs IPO - Listing Performance & Details

Pine Labs Limited was incorporated in May 1998 and is headquartered in Noida, Uttar Pradesh, with its registered office in Gurugram, Haryana. It works in the fintech sector as a merchant commerce platform.

The company provides point-of-sale solutions, digital payment processing, merchant financing including buy-now-pay-later, and gift card and loyalty programmes through its Qwikcilver business, along with checkout infrastructure for online and offline merchants. Its products include Android-based POS terminals, the Plutus and Genie platforms, and the Plural checkout offering. It served over 915,000 merchants as of December 2024, with operations extending into the UAE and Malaysia besides India. The company was founded by Lokvir Kapoor and Rajul Garg, and is led by B. Amrish Rau as Chairman, Managing Director and Chief Executive Officer.

Revenue from operations rose 28.5% to Rs 2,274 crore in FY25 from Rs 1,769 crore in FY24, as per the RHP, while the company narrowed its net loss by 57% to Rs 145 crore in FY25. The IPO was a mainboard book-built issue of about Rs 3,899.91 crore on the NSE and BSE, comprising a fresh issue of Rs 2,080.12 crore and an offer for sale of Rs 1,819.79 crore by existing shareholders, priced at Rs 210-221 per share, and it listed on 14 November 2025. Net proceeds from the fresh issue were earmarked for repayment or prepayment of certain borrowings (Rs 532 crore), investment in subsidiaries including Qwikcilver Singapore, Pine Payment Solutions Malaysia and Pine Labs UAE (Rs 60 crore), investment in IT assets, cloud infrastructure, technology development and digital checkout point procurement (Rs 760 crore), and general corporate purposes.