India focused: IPO, special situations, Stylus Holdings

Himanshu Dugar

India focused: IPO, special situations

Stylus Holdings

Stylus Holdings is a buy-side equity research firm. We offer bottom-up investment ideas as well as provide on demand equity research and portfolio tracking. 
At Stylus, our focus is to identify market dislocations that can generate 20+% IRR with a reasonable margin of safety. As part of our research process, we do a deep dive into the fundamentals of the company, evaluate their competitive positioning and assess their valuation.
Our investment team is led by Himanshu Dugar. Himanshu is a Chartered Accountant and a CFA charter holder. He has 10+ years of active experience in the stock market with stints at CRISIL Research, a S&P Global copmany and Miras Investments, a single family office based in Dubai.

Equity Research Firm

Equity Capital Markets

<ul>
<li>Pine Labs is a fintech company supporting digitization of commerce through digital payments and issuing solutions for merchants, consumer brands and enterprises, and financial institutions.</li>
<li>While the company has been growing in line with peers, its focus on enterprise customers and subscription pricing stands out, while peers have focused on merchants with a %-fee model.</li>
<li>IPO priced at sharp discount to expectations ($2.5bn vs $6bn), which is fair given changing business/industry dynamics. Pending RBI investigation and potential selling from early investors are other near-term concerns.</li>
</ul>


Pine Labs is a fintech company supporting digitization of commerce through digital payments and issuing solutions for merchants, consumer brands and enterprises, and financial institutions.
While the company has been growing in line with peers, its focus on enterprise customers and subscription pricing stands out, while peers have focused on merchants with a %-fee model.
IPO priced at sharp discount to expectations ($2.5bn vs $6bn), which is fair given changing business/industry dynamics. Pending RBI investigation and potential selling from early investors are other near-term concerns.


Pinelabs IPO Review - Another Fintech IPO Exactly 4yrs After Paytm - Can It Buck the Trend?

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

<ul>
<li>
<a href="https://www.smartkarma.com/entities/pine-labs-pvt-ltd" target="_blank" data-smartkarma-citation="entities:33472:1" rel="noopener">Pine Labs</a> is now looking to raise up to US$450m in its upcoming India IPO.</li>
<li>Pine Labs (PL) is a fintech firm focused on digitizing commerce through digital payments and issuing solutions for merchants, consumer brands and enterprises, and financial institutions.</li>
<li>We have looked at the company’s past performance in our earlier notes. In this note we talk about the RHP updates and provide our thoughts on valuations.</li>
</ul>



Pine Labs is now looking to raise up to US$450m in its upcoming India IPO.
Pine Labs (PL) is a fintech firm focused on digitizing commerce through digital payments and issuing solutions for merchants, consumer brands and enterprises, and financial institutions.
We have looked at the company’s past performance in our earlier notes. In this note we talk about the RHP updates and provide our thoughts on valuations.


Pine Labs IPO - RHP Updates and Thoughts on Valuation

Global Healthcare Analyst

Tina Banerjee

Equity Bottom-Up

<ul>
<li>Pine Labs has filed RHP for IPO with a total offer size of up to INR 39B, offering 176.5M shares at a price band of INR 210-INR 221 per share.</li>
<li>This includes a fresh issue of INR 20.8B (~ 94.1M shares). The company intends to use the proceeds for debt repayment, cloud infrastructure and technology, general corporate purpose etc.</li>
<li>Our recommendation would be that investors whoever is looking at a long-term investment horizon can definitely look at the stock as a growing long-term bet.</li>
</ul>


Pine Labs has filed RHP for IPO with a total offer size of up to INR 39B, offering 176.5M shares at a price band of INR 210-INR 221 per share.
This includes a fresh issue of INR 20.8B (~ 94.1M shares). The company intends to use the proceeds for debt repayment, cloud infrastructure and technology, general corporate purpose etc.
Our recommendation would be that investors whoever is looking at a long-term investment horizon can definitely look at the stock as a growing long-term bet.


Pine Labs IPO: Market Position and Scalability Offers a Long-Term Digital Growth Story

Pan-Asia Index Rebalances/ Events/ Delta One, Periscope Analytics

Brian Freitas

Pan-Asia Index Rebalances/ Events/ Delta One

Periscope Analytics

Periscope Analytics focuses on event-driven trades across Asia Pacific and provides comprehensive, timely and systematic coverage of index changes to major Asia Pacific indices in a structured manner.

The analysis includes forecasted inclusions and exclusions to all major Asian indices that have significant amount of tracking assets, including estimates of passive buy/sell flow on the stocks. The service also provides commentary and impact of market consultations, ground rule changes, and other events (IPOs, spin-offs, M&A) that could lead to index changes and passive flow.

Periscope Analytics works with multi-strategy hedge funds, proprietary trading firms, stat arb trading groups and long-only investors that invest and trade in the Asia Pacific region with the data being used to trade index rebalances, avoid pre-positioning and passive flow, and to time entry into and exit from stocks.

Event-Driven Trades Across Asia Pacific

Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/pine-labs-pvt-ltd" target="_blank" data-smartkarma-citation="entities:33472:1" rel="noopener">Pine Labs (0568874D IN)</a> is looking to list on the exchanges by selling 176.5m shares via a primary and secondary offering to raise US$439m at a valuation of US$2.86bn.</li>
<li>The price band has been set at INR 210-221/share and could price at the top end of the range. The IPO raise and valuation are sharply lower than earlier reports.</li>
<li>Inclusion at regular rebalances will commence in May but flow will be small given the low float and the Smallcap indices that it is added to.</li>
</ul>



Pine Labs (0568874D IN) is looking to list on the exchanges by selling 176.5m shares via a primary and secondary offering to raise US$439m at a valuation of US$2.86bn.
The price band has been set at INR 210-221/share and could price at the top end of the range. The IPO raise and valuation are sharply lower than earlier reports.
Inclusion at regular rebalances will commence in May but flow will be small given the low float and the Smallcap indices that it is added to.


Pine Labs IPO: Slashed Offering Size & Lower Valuation

India Equity Analyst - Fundamental & Thematic, Beat the Street

Sudarshan Bhandari

India Equity Analyst - Fundamental & Thematic

Beat the Street

Beat The Street was founded by Nimish Maheshwari and Sudarshan Bhandari, both of whom are Chartered Accountants by Profession, known for their expert analysis in the fields of Business, Sectoral analysis, and Corporate governance.

With a strong social media presence of 45,000+ Subscribers across various platforms, they are considered trusted voices in the industry. Their insights and analysis have been featured in some of India’s most prominent publications, including the Economic Times, Dalal Street Investment Journal, The Morning Context, and The Ken.

Their analysis on Bankrupt & Insolvent companies has been instrumental in saving investors from significant losses. They have a keen eye for identifying red flags and has identified exclusive redflags earlier in Vedanta, Nykaa, Dhani Services, Adani and many more.

Read Business Not Stock Prices

Thematic (Sector/Industry)

<ul>
<li>Credit growth expected to rise to 13–13.5 percent in FY26, led by industrial lending and public sector bank support.</li>
<li>
<a href="https://www.smartkarma.com/entities/reliance-industries-ltd" target="_blank" data-smartkarma-citation="entities:198:1" rel="noopener">Reliance Industries (RIL IN)</a> ’s RISE Worldwide partners with Denmark’s BLAST to launch Jio BLAST eSports, signaling a major push into India’s booming gaming industry.</li>
<li>Sona Comstar plans to manufacture EV magnets in India, aiming to reduce China dependence and strengthen domestic capabilities in the electric mobility sector.</li>
</ul>


Credit growth expected to rise to 13–13.5 percent in FY26, led by industrial lending and public sector bank support.

Reliance Industries (RIL IN) ’s RISE Worldwide partners with Denmark’s BLAST to launch Jio BLAST eSports, signaling a major push into India’s booming gaming industry.
Sona Comstar plans to manufacture EV magnets in India, aiming to reduce China dependence and strengthen domestic capabilities in the electric mobility sector.


#166 India Insights:Sona EV Magnets, Jio Boosts ESports, Pine Labs Plans ₹2,600 Cr IPO

India

Pine Labs is an Indian multinational financial technology company specializing in point-of-sale (POS) systems and digital payment solutions. It offers in-store and online payment, prepaid, and financial solutions, including Android-based POS machines, Buy Now Pay Later (BNPL) options, loyalty programs, and small business loans. The company is headquartered in Noida, India, and was founded in 1998.

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Pine Labs (PINELABS IN)

Pinelabs IPO Review - Another Fintech IPO Exactly 4yrs After Paytm - Can It Buck the Trend?

Pine Labs is a fintech stands focused on payments processing. It stands out with its focus on enterprise customers and subscription/low MDR...

Himanshu Dugar

Pine Labs IPO - RHP Updates and Thoughts on Valuation

Pine Labs is now looking to raise up to US$450m in its upcoming India IPO. In this note, we talk about the RHP updates and valuations.

Sumeet Singh

Pine Labs IPO: Market Position and Scalability Offers a Long-Term Digital Growth Story

Pine Labs files for IPO with offer size of up to INR 39B which includes a fresh issue of INR 20.8B. Pine Labs market positioning and scalability...

Tina Banerjee

Pine Labs IPO: Slashed Offering Size & Lower Valuation

Pine Labs is looking to raise US$439m at a valuation of US$2.86bn. This is much lower than earlier numbers and there could be upside in the stock...

Brian Freitas

#166 India Insights:Sona EV Magnets, Jio Boosts ESports, Pine Labs Plans ₹2,600 Cr IPO

Credit growth set to increase in FY26, Reliance Industries enters gaming industry, Sona Comstar to manufacture EV magnets in India.

Sudarshan Bhandari

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Pinelabs IPO Review - Another Fintech IPO Exactly 4yrs After Paytm - Can It Buck the Trend?

​Pine Labs is a fintech stands focused on payments processing. It stands out with its focus on enterprise customers and subscription/low MDR...

Himanshu Dugar

Pine Labs IPO - RHP Updates and Thoughts on Valuation

Pine Labs is now looking to raise up to US$450m in its upcoming India IPO. In this note, we talk about the RHP updates and valuations.

Sumeet Singh

Pine Labs IPO: Market Position and Scalability Offers a Long-Term Digital Growth Story

​Pine Labs files for IPO with offer size of up to INR 39B which includes a fresh issue of INR 20.8B. Pine Labs market positioning and scalability...

Tina Banerjee

Pine Labs IPO: Slashed Offering Size & Lower Valuation

Pine Labs is looking to raise US$439m at a valuation of US$2.86bn. This is much lower than earlier numbers and there could be upside in the stock...

Brian Freitas

#166 India Insights:Sona EV Magnets, Jio Boosts ESports, Pine Labs Plans ₹2,600 Cr IPO

​Credit growth set to increase in FY26, Reliance Industries enters gaming industry, Sona Comstar to manufacture EV magnets in India.

Sudarshan Bhandari

Pine Labs is a fintech stands focused on payments processing. It stands out with its focus on enterprise customers and subscription/low MDR...

Pine Labs files for IPO with offer size of up to INR 39B which includes a fresh issue of INR 20.8B. Pine Labs market positioning and scalability...

Credit growth set to increase in FY26, Reliance Industries enters gaming industry, Sona Comstar to manufacture EV magnets in India.