Pine Labs made its stock market debut on 14 November, listing on the Bombay Stock Exchange at ₹242 per share, which was around 9.5% above its IPO price of ₹221. The listing came soon after the company closed its three-day public offering earlier in the month, during which it raised about ₹3,900 crore through a mix of fresh issuance and an offer for sale by existing shareholders. The IPO had been priced in a band of ₹210–₹221, and subscription data showed that demand was led by institutional buyers, while retail and non-institutional categories saw comparatively moderate participation.
Meanwhile, following the stronger-than-expected opening, the firm’s shares moved quickly during early trade, briefly climbing to an intraday high of around ₹283-₹284, giving early investors gains of around 28% over the issue price. However, as markets settled, the stock closed the day at about ₹251-₹252 (still maintaining gains of roughly 14% above the IPO level). And trading volumes were high throughout the session.
Notably, Pine Labs (founded in 1998) is among India’s older fintech firms, with its business centred on merchant payment devices, point-of-sale (PoS) systems and digital-commerce services. The company claims to serve over 500,000 merchants across India and several international markets. It competes with major fintech players in the country, like Paytm, PhonePe, and Razorpay. Ahead of moving toward a public listing, earlier in 2024, Pine Labs received a Singapore court’s approval to relocate its corporate base to India by combining its Singapore and India operations.
On the financial front, the company posted operating revenue of about ₹2,274 crore in the fiscal year ended March 2025, up around 28.5% from around ₹1,769 crore in FY24. In the first quarter (Q1) of FY26, the company reported revenue of around ₹615 crore, marking nearly an 18% y-o-y rise from about ₹522 crore in the same quarter a year earlier. More importantly, Pine Labs turned a net profit of about ₹4.8 crore in Q1 FY26, compared with a loss of around ₹27.9 crore in Q1 FY25. And this improvement has been seen as a key factor supporting investor confidence, particularly among institutional participants.
But despite such impressive financial numbers, the company is still facing customer-concentration risk, as its top 10 clients accounted for roughly 29.3% of its revenue in the quarter ended June 30, 2025, and about 30.95% for all of FY25. At the same time, the company disclosed in its DRHP that it has nine pending tax proceedings totalling ₹493.4 crore, along with a long-running intellectual property dispute with Innoviti Payment Solutions.
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