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Pine Labs IPO Review

Pine Labs IPO has been reviewed by 13 analysts, and the overall consensus is Strong Apply — carrying a score of 86. Out of the 13 analysts who have covered this IPO, 10 recommend subscribing while 3 advise caution or avoidance — reflecting a broadly positive view from the analyst community.

The issue is priced in the band of ₹210-221 per share, with a minimum application size of 67 shares (minimum investment of approximately ₹14,807 at the upper band). Subscription ran from 07 Nov 2025 to 11 Nov 2025. The issue size is ₹3,900 crore, a mix of fresh issue and offer for sale. Scroll down for the full analyst breakdown and analyst-wise verdicts.

Abhishek Vohera, Founder of IPO Guru Researched & reviewed by Abhishek Vohera, Founder, IPO Guru Last updated Figures sourced from the RHP, BSE & NSE

Analyst verdict & score

One score out of 100, aggregated from every analyst verdict tracked for this issue. How it's calculated

Sentiment score
86/ 100
Strong Apply 10 of 13 recommend subscribing
How analysts voted
Apply 10
Neutral 2
Avoid 1
Not rated 1

Higher consensus indicates broader analyst agreement.

Detailed review

What the analyst reports say, grouped by the question you're likely asking.

General review

Pine Labs provides merchant payment and commerce technology. Operating revenue grew 28.5 percent to ₹2,327.09 crore in FY25, with EBITDA improving to ₹356.72 crore, though the company reported a net loss of ₹145 crore driven by elevated operating expenses. Ten of the thirteen analysts said subscribe, two stayed neutral and one said avoid.

Listing gains

With a loss at the net level, the notes value the issue on sales and EBITDA, at about 8.0 times EV to sales, 82.8 times EV to EBITDA and 50.7 times on adjusted EBITDA. Analysts consider that acceptable given the growth, but it left limited room, pointing to a moderate listing.

Short-term strategy

The June 2025 quarter delivered ₹120.56 crore of EBITDA against ₹356.72 crore for full-year FY25, so momentum improved. Losses narrowed sharply from prior years. The near-term question in the notes is whether operating expenses stay contained enough to carry that EBITDA through to a net profit.

Long-term strategy

Nearly every positive note asks for a medium to long-term perspective, resting on disciplined capital allocation, the breadth of the merchant platform and potential to scale globally. The long-term case turns on converting a growing revenue base into sustained profit, which had not happened at the time of the issue.

How this is written: an AI-assisted summary of the 14 analyst reports listed below. It reports their views; IPO Guru does not make buy or sell recommendations.

Analyst reviews

Ordered by each analyst's track record over the past year; analysts still building one are listed last.

Latest IPO reviews

How analysts rated the most recent mainboard issues — and, where they have listed, how the call played out.

Frequently asked

Should I apply for Pine Labs IPO?

The analyst consensus for Pine Labs IPO tracked on this page is Strong Apply, with a score of 86/100. Out of 13 analysts who have reviewed this IPO, 10 recommend subscribing. IPO Guru does not make buy or sell recommendations. Read the individual analyst reports and consult a SEBI-registered advisor before investing.

What does the score of 86 mean for Pine Labs IPO?

The score of 86 is an aggregate of all analyst ratings tracked for Pine Labs IPO. A score in this range indicates strong analyst confidence — most analysts are recommending a subscribe. Read the individual analyst verdicts above for more context.

What was the actual listing price of Pine Labs IPO?

Pine Labs IPO listed on November 14, 2025 at ₹242, against the issue price of ₹₹221. View the full GMP history page for day-wise pre-listing trends.

What is the price band and lot size of Pine Labs IPO?

Pine Labs IPO was priced at ₹210-221 per share. The minimum lot size is 67 shares, making the minimum investment approximately ₹14,807 at the upper end of the price band. Subscription ran from 07 Nov 2025 to 11 Nov 2025.

Explore Pine Labs IPO further

Analyst views are one input. Read them alongside the demand, the grey market and the filings before you decide.

Pine Labs IPO review

A verdict is an opinion, not a guarantee.

IPO Guru collects analyst views, GMP, subscription and allotment for every Mainboard and SME issue. Weigh them together — and against the offer document — before you apply.

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Disclaimer: Grey Market Premium (GMP) is for information purposes and is not a guarantee of listing price. Always consult your financial advisor before investing.

Consensus
Strong Apply
Score
86 / 100
Listed at
₹242
Full IPO details