Pine Labs Sets IPO Band at ₹210–₹221

Pine Labs has set an IPO price band of ₹210–₹221 per share to raise up to ₹3,900 crore via a ₹2,080 crore fresh issue and an 8.23 crore‑share offer‑for‑sale, implying a post‑issue valuation of about ₹25,300–25,377 crore. The subscription runs Nov 7–11 (anchor bids Nov 6), allotment is expected Nov 12 and listing on BSE/NSE on Nov 14, 2025; the lot size is 67 shares (minimum retail investment ~₹14,807). The issue reserves about 75% for QIBs, ~15% for NIIs and ~10% for retail investors; Axis, Morgan Stanley, Citi, JP Morgan and Jefferies are the book‑running lead managers and KFin is the registrar. Proceeds will be used to repay debt, fund international subsidiaries (e.g., Qwikcilver Singapore, Pine Labs UAE, Pine Payment Solutions Malaysia) and strengthen technology and cloud infrastructure, and the company has carved out a large ESOP pool (about ₹1,360 crore at the upper band). Pine Labs reported its first quarterly net profit of ₹4.8 crore in Q1 FY26, FY25 operating revenue of roughly ₹2,274–2,327 crore (up ~28% year‑on‑year) and a narrowed FY25 net loss of about ₹145 crore, with adjusted EBITDA rising. The IPO size and OFS were trimmed from earlier drafts (fresh issue reduced from ₹2,600 crore) and grey‑market indicators suggested a modest listing premium (GMP ~₹40 at the upper band).