The Pine Labs IPO is currently in its second day, taking place on November 10, 2025. On the first day, it was subscribed 0.13 times, with retail investors showing the most interest. The IPO is set to close on November 11, 2025. This offering includes a fresh issue as well as an offer for sale, and it is anticipated to list on November 14, 2025. The lead managers for the IPO are Axis Capital, Morgan Stanley, Citigroup, J.P. Morgan, and Jefferies, while MUFG Intime India is acting as the registrar. Retail investors have been the most active, and there has also been significant interest from employees. Overall, the subscription rate is growing gradually.
The funds raised from the fresh issue will be utilized to repay debt, expand internationally, acquire IT assets, enhance technology, and support cloud infrastructure, with some allocated for general purposes. Pine Labs operates a platform dedicated to digital payments, loyalty, and credit, serving customers in India and beyond. In fiscal year 2025, the company managed over 5.68 billion transactions.
