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PineLabsLtd IPO

Pine Labs Ltd

IPO Doc

Start Date07-11-2025

Application Timing10am-5pm

Price Range₹210 - ₹221

Min Qty67

Min. Investment₹14807

Listing Date14-11-2025

Close Date11-11-2025

About Pine Labs Ltd

Incorporated in 1998, Pine Labs Ltd. is one of India’s leading merchant commerce and fintech platforms. The company provides end-to-end digital payment solutions, merchant financing, and value-added services to retailers and enterprises across India and international markets. Pine Labs’ product ecosystem includes smart POS terminals, Buy Now Pay Later (BNPL) solutions, merchant lending, loyalty and gift card programs, and e-commerce payment tools. These offerings empower over 9.8 lakh merchants and 716 consumer brands by enabling seamless digital transactions and credit-based sales.

The company’s clientele includes industry leaders such as Amazon Pay, LG Electronics, Flipkart, Redington, and major financial institutions like HDFC Bank, Axis Bank, and ICICI Bank. Over the years, Pine Labs has transformed from a card-based payment processor to a comprehensive digital commerce platform, driving India’s journey toward a cashless economy.

Why To Invest in Pine Labs Ltd

Strong Fintech Ecosystem: Pine Labs operates in India’s fast-growing digital payments space, integrating merchants, brands, and financial institutions under one scalable platform.

Proven Growth Record: The company reported a 28% increase in revenue and a 57% rise in profit (PAT) between FY24 and FY25, reflecting a strong financial turnaround.

Diverse Revenue Streams: From POS devices and BNPL solutions to merchant lending and digital gift cards, Pine Labs has built multiple income channels, reducing dependency on any single vertical.

Technological Edge: With investments in cloud infrastructure, AI-driven analytics, and global subsidiaries, Pine Labs is positioned for long-term digital expansion.

Use of IPO Proceeds: The funds will be utilized for debt repayment, technology upgrades, and international expansion, enhancing future profitability.

Financial Table

Period Ended	30 Jun 2025	31 Mar 2025	31 Mar 2024	31 Mar 2023
Assets	10,904.32	10,715.74	9,648.56	9,363.21
Total Income	653.08	2,327.09	1,824.16	1,690.44
Profit After Tax	4.79	-145.49	-341.90	-265.15
EBITDA	120.56	356.72	158.20	196.80
NET Worth	2,327.55	-2,244.27	-2,035.24	-1,764.77
Total Borrowing	888.74	829.49	532.92	329.51

Strengths And Risks

Integrated Fintech Ecosystem: Pine Labs has built a strong merchant commerce ecosystem that seamlessly connects merchants, consumers, and banks. This integration fosters long-term engagement and supports high transaction volumes across multiple sectors.

Scalable Cloud-Based Infrastructure: The company operates on a full-stack, cloud-native platform that enables secure, real-time processing of transactions and data analytics. This scalability ensures smooth operations even during high transaction loads.

Trusted Partnerships: Pine Labs has developed deep partnerships with leading banks and consumer brands, including HDFC Bank, Axis Bank, Amazon Pay, and LG Electronics. These collaborations strengthen its market credibility and customer trust.

Experienced Leadership Team: The management team brings years of expertise in financial technology, payments, and digital commerce. Their leadership has been pivotal in steering Pine Labs toward innovation and sustainable growth.

Expanding Market Opportunity: India’s rapid shift toward digital payments and UPI-driven transactions positions Pine Labs favorably to capture future growth in the fintech ecosystem.

Negative Return on Net Worth (RoNW): The company’s RoNW stands at -4.15%, reflecting short-term pressure on profitability and returns for shareholders.

Highly Competitive Market: Pine Labs faces strong competition from established fintech players such as Razorpay, Paytm, and BharatPe, which could impact its market share and pricing strategies.

Regulatory Challenges: As a fintech enterprise, Pine Labs operates under constant regulatory oversight. Changes in RBI policies or data protection laws could affect its business model and compliance costs.

Dependence on Technology: Being a tech-driven company, Pine Labs’ operations are heavily reliant on its IT systems. Any technological failure, downtime, or cybersecurity breach could disrupt services and damage customer confidence.

Uncertain Global Expansion: While the company plans to expand into regions like Singapore, Malaysia, and the UAE, international operations may face risks such as currency fluctuations, compliance issues, and market entry challenges.

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Company

Astha Credit & Securities Pvt Ltd NSE, BSE & MCX SEBI Reg No:

INZ000187932

Membership ID:

NSE - 12227 BSE-6844 MCX - 40000 NSDL-IN303420 CDSL-94500

CIN:

U65929MP2003PTC016241

SEBI Depository Participant Reg No:

IN-DP-611-2021

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9669695615

SEBI RA Registration:

INH000013332

AMFI Registration:

ARN-35911

Attention Investors:

Beware of fixed/guaranteed/regular returns/ capital protection schemes. Brokers or their authorized persons or any of their associates are not authorized to offer fixed/guaranteed/regular returns/ capital protection on your investment or authorized to enter into any loan agreement with you to pay interest on the funds offered by you. Please note that in case of default of a member claim for funds or securities given to the broker under any arrangement/ agreement of indicative return will not be accepted by the relevant Committee of the Exchange as per the approved norms.
Do not keep funds idle with the Stock Broker. Please note that your stock broker has to return the credit balance lying with them, within three working days in case you have not done any transaction within last 30 calendar days. Please note that in case of default of a Member, claim for funds and securities, without any transaction on the exchange will not be accepted by the relevant Committee of the Exchange as per the approved norms.
Check the frequency of accounts settlement opted for. If you have opted for running account, please ensure that your broker settles your account and, in any case, not later than once in 90 days (or 30 days if you have opted for 30 days settlement). In case of declaration of trading member as defaulter, the claims of clients against such defaulter member would be subject to norms for eligibility of claims for compensation from IPF to the clients of the defaulter member. These norms are available on Exchange website at following link: https://www.nseindia.com/invest/about-defaulter-section.
Brokers are not permitted to accept transfer of securities as margin. Securities offered as margin/ collateral MUST remain in the account of the client and can be pledged to the broker only by way of ‘margin pledge’, created in the Depository system. Clients are not permitted to place any securities with the broker or associate of the broker or authorized person of the broker for any reason. Broker can take securities belonging to clients only for settlement of securities sold by the client.
Always keep your contact details viz. Mobile number/Email ID updated with the stock broker. Email and mobile number is mandatory and you must provide the same to your broker for updation in Exchange records. You must immediately take up the matter with Stock Broker/Exchange if you are not receiving the messages from Exchange/Depositories regularly.
Don't ignore any emails/SMSs received from the Exchange for trades done by you. Verify the same with the Contract notes/Statement of accounts received from your broker and report discrepancy, if any, to your broker in writing immediately and if the Stock Broker does not respond, please take this up with the Exchange/Depositories forthwith.
Check messages sent by Exchanges on a weekly basis regarding funds and securities balances reported by the trading member, compare it with the weekly statement of account sent by broker and immediately raise a concern to the exchange if you notice a discrepancy.
Please do not transfer funds, for the purposes of trading to anyone, including an authorized person or an associate of the broker, other than a SEBI registered Stock broker.

Precautions for clients dealing in Options

Sharing of trading credentials i.e. login id & passwords including OTP’s is prohibited.
Trading in leveraged products like options without proper understanding could lead to losses. Please trade at your own risk.
Writing/ selling options or trading in option strategies based on tips, without basic knowledge & understanding of the product and its risks could lead to losses.
Dealing in unsolicited tips through WhatsApp, Telegram, YouTube, Facebook, SMS, calls, etc should be avoided.
Trading in “Options” based on recommendations from unauthorised / unregistered investment advisors and influencers should be avoided.

Awareness regarding guidelines regarding margin collection:

Stock Brokers can accept securities as margin from clients only by way of pledge in the depository system w.e.f. September 1, 2020
Update your mobile number & email Id with your stock broker/depository participant and receive OTP directly from depository on your email id and/or mobile number to create pledge
Pay 20% upfront margin of the transaction value to trade in cash market segment
Investors may please refer to the Exchange's Frequently Asked Questions (FAQs) issued vide circular reference NSE/INSP/45191 dated July 31, 2020 and NSE/INSP/45534 dated August 31, 2020 and other guidelines issued from time to time in this regard
Check your Securities /MF/ Bonds in the consolidated account statement issued by NSDL/CDSL every month

Advisory – KYC Compliance:

All investors are requested to take note that 6 KYC attributes i.e. Name, PAN, Address, Mobile Number, Email id and Income Range have been made mandatory. Investors availing custodian services will be additionally required to update the custodian details.
The last date to update KYC is on or before March 31, 2022.
Thereafter non-compliant trading accounts will be blocked for trading by the Exchange.
The non-compliant demat accounts will be frozen for debits by Depository Participant or Depository.
On submission of the necessary information to the stockbroker and updation of the same by the stockbroker in the Exchange systems and approval by the Exchange, the blocked trading accounts shall be unblocked by the Exchange on T+1 trading day.
The demat account shall be unfreezed once the investor submits the deficient KYC details and the same is captured by the depository participant in the depository system.
To ensure smooth settlement of trades, the investors are requested to ensure that both the trading and demat accounts are compliant with respect to the KYC requirement.
The investors are hereby requested to comply with the regulatory guidelines issued by Exchanges and Depositories from time to time with regard to KYC compliance and related requirements.
We do proprietary trading

Client Bank Account Details:

Sr. No	Name of Bank Account	Bank Account Number	IFSC Code
1	ASTHA CREDIT AND SECURITIES P LTD - USCNBA A/c	00620340000150	HDFC0000062

*Investors are requested to note that Stock broker Astha Credit and Securities Private Limited is permitted to receive/pay money from/to investor through designated bank accounts only named as client bank accounts. Stock broker Astha Credit and Securities Private Limited is also required to disclose these client bank accounts to Stock Exchange. Hence, you are requested to use following client bank accounts only for the purpose of dealings in your trading account with us. The details of these client bank accounts are also displayed by Stock Exchanges on their website under “Know/ Locate your Stock Broker.

1. No need to issue cheques by investors while subscribing to IPO. Just write the bank account number and sign in the application form to authorize your bank to make payment in case of allotment. No worries for refund as the money remains in the investor's account. 2. KYC is a one-time exercise while dealing in securities markets - once KYC is done through a SEBI registered intermediary (Broker, DP, Mutual Fund, etc.), you need not undergo the same process again when you approach another intermediary.

Disclaimer:

Investment in the securities market is subject to market risks, read all the related documents carefully before investing.
Brokerage will not exceed SEBI prescribed limit.
Please refer to the Risk Disclosure Document issued by SEBI and go through the Rights and Obligations and Do's and Don'ts issued by Stock Exchanges and Depositories before trading on the Stock Exchanges.
For commodities derivatives please note that Commodities Derivatives are highly leveraged instruments.
Before investing in the asset class consider your investment objectives, level of experience and risk appetite carefully.
Mutual fund investments are subject to market risks, read all scheme related documents carefully. Mutual Funds are not an approved product of the Exchanges and any dispute related to this will not be dealt at Exchange platform. ACSPL is a Mutual fund distributor/s registered for Mutual Funds.

Prevent Unauthorized Transactions in your demat account --> Update your Mobile Number with your Depository Participant. Receive alerts on your Registered Mobile for all debit and other important transactions in your demat account directly from NSDL/CDSL on the same day......................issued in the interest of investors. We do Pro trading.

Client registration documents in Vernacular languages: Get Documents

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PineLabsLtd IPO

About Pine Labs Ltd

Why To Invest in Pine Labs Ltd