Pine Labs Ltd. debuted in the secondary market with nearly 10% premium. It was listed at Rs 242 apiece on National Stock Exchange, which implies a premium of 9.5%.
Pine Labs was listed on BSE Ltd. at Rs 242 apiece, which indicates a premium of 242 apiece.
The Pine Labs IPO’s price band was set at Rs 210-Rs 221 per share.
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.
According to BSE data, the Rs 3,899.91 crore initial public offer 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
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 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 (NII), it is 68 lots (4,556 shares) amounting to Rs 10,06,876.
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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