Pine Labs IPO: The initial public offering (IPO) of Pine Labs, which opened for subscription on Friday, November 07, witnessed lacklustre demand for the company shares. However, the IPO managed to sail through on the last and final day of bidding.
Pine Labs IPO Subscription Status
At the end of the third day of the bidding process, Pine Labs IPO received bids for 24.11 crore shares against the total offer of 9.71 crore shares, resulting in an overall subscription of 2.48 times, according to exchange data.
The non-institutional investors (NII) and qualified institutional buyers (QIB) portions were subscribed 3.97 times and 0.30 times, respectively. The retail portion was subscribed 1.27 times, while the employee segment displayed significant enthusiasm, being subscribed 7.78 times.
Pine Labs IPO Details
The Pine Labs IPO is a book-built issue worth ₹3,899.91 crore, comprising a fresh issue of 9.41 crore shares aggregating to ₹2,080 crore and an offer for sale of 8.23 crore shares aggregating to ₹1,819.91 crore.
The IPO price band has been set between ₹210 and ₹221 per share.
The company plans to utilise the proceeds from the fresh issue to repay debt and fund investments in IT assets, cloud infrastructure, technology development initiatives, and the procurement of digital checkout points.
Additionally, a portion of the funds will be directed toward investments in its subsidiaries, including Qwikcilver Singapore, Pine Payment Solutions Malaysia, and Pine Labs UAE, to support the company’s international expansion efforts.
The Pine Labs IPO allotment is likely to be finalised by Wednesday, November 12, and the shares are scheduled to list on the exchanges on Friday, November 14.
Pine Labs IPO GMP
The grey market premium, or GMP, for Pine Labs IPO is nil. This means that company shares are trading at no premium or discount to the IPO shares and could likely list at the issue price of ₹221.
About Pine Labs
Pine Labs is a technology-driven company focused on digitising commerce through digital payments and issuing solutions for merchants, consumer brands, enterprises, and financial institutions. It primarily operates through its Digital Infrastructure & Transaction Platform and Issuing and Acquiring Platform.
The company’s operations have witnessed a turnaround, with robust growth in EBITDA and adjusted EBITDA during the FY23–FY25 period.
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