Pine Labs Primed for Profitable Growth with $3.9B IPO

Pine Labs, a prominent player in the Indian fintech and digital payments industry, is gearing up for its Rs 3,900 crore initial public offering (IPO). The IPO, which opened for subscription on November 7, 2025, has received a 'Subscribe for long-term' recommendation from SBI Securities, highlighting the company's strong growth trajectory and improving profitability.

According to the IPO report, Pine Labs is well-positioned to capitalize on the Rs 276 trillion digital payments market projected by FY29. The company, which operates across India, Southeast Asia, and the Middle East, serves over 9.8 lakh merchants and 177 financial institutions as of June 2025. Its cloud-based, API-first architecture enables seamless integration for merchants and financial partners, positioning it as a major player in the fintech landscape.

Pine Labs reported a revenue of Rs 2,274 crore in FY25, up 28% year-on-year, while its adjusted EBITDA stood at Rs 357 crore, a significant improvement from Rs 158 crore in FY24. The company has also achieved positive EBITDA margins of 9.6% and adjusted EBITDA margins of 15.7%, reflecting its growing efficiency and scale.

With a 5% grey market premium ahead of listing, modest listing gains are expected for Pine Labs. However, analysts believe the long-term story lies in the company's ability to sustain its operating leverage and international expansion. The IPO is set to close on November 11, 2025, with the tentative listing date of November 14.