Pine Labs Ltd. initial public offer was subscribed 0.07 times on the first day.
Pine Labs IPO is a book-built issue of Rs 3,899.91 crore. It comprises a fresh issue of 9.41 crore shares aggregating Rs 2,080 crore and an offer for sale (OFS) of 8.23 crore shares worth Rs 1,819.91 crore.
The IPO will remain open from Friday, November 7 to Tuesday, November 11. The allotment status is expected to be finalised on Wednesday, November 12, followed by the initiation of refunds and credit of shares to demat accounts on Thursday, November 13. Shares of Pine Labs are tentatively scheduled to list on the BSE and NSE on Friday, November 14.
The Pine Labs IPO’s price band has been set between Rs 210 and Rs 221 per share. The lot size for retail investors is 67 shares, requiring a minimum investment of Rs 14,807. For small non-institutional investors (sNII), the minimum application size is 14 lots (938 shares) worth Rs 2,07,298, while for big non-institutional investors (bNII), it is 68 lots (4,556 shares) amounting to Rs 10,06,876.
Axis Capital Ltd. is the book-running lead manager for the Pine Labs IPO, while Kfin Technologies Ltd. is the registrar for the issue.
Pine Labs Subscription Status
The Pine Labs IPO has been subscribed 0.07 times or 7% as of 11:30 a.m. on Friday.
Qualified Institutional Buyers (QIBs): Nil
Non-Institutional Investors (NIIS): 0.03 or 3%
Retail Individual Investors: 0.30 or 30%
Employee reserved: 1.46 times
Pine Labs GMP Today
The grey market premium of Pine Labs Ltd. is Rs 12 as of 7:53 a.m as per data on Investorsgain website. The GMP indicated a listing price of Rs 233 and a listing premium of 5.43%.
Note: GMP does not represent official data and is based on speculation. GMP data sourced from InvestorGain.
About Pine Labs
Pine Labs Ltd., incorporated in 1998, provides digital payment solutions and value-added services to businesses of all sizes, from small retailers to large enterprises. It offers smart POS devices that accept payments through cards, UPI, mobile wallets and EMIs. The company also provides Buy Now Pay Later (BNPL) options for instant EMIs at checkout. Pine Labs gives short-term loans to merchants to meet their working capital needs through its partners. It even helps brands run loyalty programmes and digital gift card campaigns. In addition, Pine Labs offers payment gateways and APIs to support online stores and apps.
Use of Proceeds
Pine Labs plans to use the net proceeds from its IPO for several purposes. A part of the funds will be used to repay or prepay certain borrowings of the company and its subsidiaries. Another portion will go toward investments in its overseas subsidiaries in Singapore, Malaysia and the UAE. The company will also invest in IT assets, cloud infrastructure and technology development. The remaining funds will be used for general corporate purposes and potential acquisitions.
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