The listing of Pine Labs Ltd. will be in focus as investors await the company's debut on the stock market.
Shares of Pine Labs will list on the BSE and NSE on, Friday, November 14. The share allotment status for the IPO was finalised on Wednesday, November 12. Successful bidders will recieve the allotted shares on Thursday, November 13, and refunds were also issued on the same day.
The grey market premium for the mainboard offer had captured the attention of private market investors, as it reached Rs 35 when the price band for the public issue was announced. But since then, the GMP has been trending lower in the days leading up to the final day of subscription. Ahead of its listing, the GMP has shown marginal gains after trading nearly flat on the private market.
ccording to BSE data, the Rs 3,899.91 crore IPO received bids for 24,09,38,834 shares against 9,78,93,739 shares on offer, with investors subscribing the mainboard offer 2.46 times
Here’s a look at what the latest market trends indicate for the IPO of Pine Labs.
Pine Labs Share Price (Expected)
The latest GMP for the Pine Labs IPO was Rs 6.5 as of 9:30 a.m. on November 14. This means that the shares of Pine Labs are expected to list at Rs 227.5, a premium of 2.94% over the upper end of the IPO price band.
The unlisted shares of Pine Labs have been trading flat over the last few days after the public issue concluded its subscription on November 11.
The highest GMP recorded for the IPO was Rs 35 on November 3. The grey market premium has been declining since then, from Rs 22 on November 4 and Rs 12 on November 6. The GMP fell further to Rs 5.5 on November 5, when the IPO opened for subscription, and later to Rs 4 as the public issue remained undersubscribed on Day 2.
Note: GMP does not represent official data and is based on speculation. GMP data sourced from InvestorGain.
Pine Labs IPO: Key Details
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 to Rs 2,080 crore, and an offer for sale (OFS) of 8.23 crore shares aggregating to Rs 1,819.91 crore.
The Pine Labs IPO’s price band was set at Rs 210-Rs 221 per share.
Axis Capital Ltd. is the book-running lead manager for the Pine Labs IPO, while Kfin Technologies Ltd. is the registrar for the issue.
Use of IPO 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.
Disclaimer: Investments in initial public offerings are subject to market risks. Please consult with financial advisors and read the red herring prospectus thoroughly before placing bids.
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