Pine Labs IPO: Fintech firm Pine Labs’ initial public offering (IPO) kicked off on Friday, November 7, to raise ₹3,900 crore. The issue was off to a slow start, with only the employee portion getting fully subscribed on the first day.
Investors can place bids for Pine Labs IPO till Tuesday, November 11.
Pine Labs IPO Subscription Status
Pine Labs IPO closed the first day of bidding with a 13% subscription. The issue garnered bids for 1,29,07,550 shares as against 9,78,93,739 shares on offer.
The qualified institutional buyers (QIB) segment was booked 2% and the non-institutional investor (NII) quota was subscribed 7%. The retail investor part received 54% bids today. The portion reserved for employees was booked 2.96 times as of Day 1.
Pine Labs IPO GMP
Pine Labs IPO’s grey market premium (GMP) has seen a significant fall. Pine Labs IPO GMP today is ₹5. This means Pine Labs shares are trading ₹5 higher than the upper end of the price band of ₹221.
At the prevailing GMP, Pine Labs IPO shares could list at ₹226, a premium of 2.26%. The GMP is the lowest currently and has fallen drastically from ₹60 at one point.
About Pine Labs IPO
Pine Labs IPO shares are being sold in the range of ₹210 to ₹221 apiece, targeting a valuation of over ₹25,300 crore.
The share sale is a mix of fresh issue of shares worth ₹2,080 crore and an Offer for Sale (OFS) of over 8.23 crore equity shares.
Under the OFS, Peak XV Partners, London-based Actis, PayPal, Mastercard Asia/Pacific, Temasek through Macritchie Investments, Invesco, Madison India Capital, MW XO Digital Finance Fund Holdco, Lone Cascade LP, Sofina Ventures S.A., and Pine Labs co-founder Lokvir Kapoor will be divesting their shares in the fintech firm.
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.
Ahead of the IPO opening, the company raised ₹1,754 crore from anchor investors.
Noida-based Pine Labs is a technology company focused on digitising commerce through digital payments and issuing solutions for merchants, consumer brands and enterprises, and financial institutions.
Pine Labs will make its stock market debut on November 14.
Disclaimer: This story is for educational purposes only. The views and recommendations expressed are those of individual analysts or broking firms, not Mint. We advise investors to consult with certified experts before making any investment decisions, as market conditions can change rapidly and circumstances may vary.
