Pine Labs IPO GMP Declines Ahead Of November 7 Launch

Pine Labs Ltd., a merchant commerce platform offering point-of-sale (POS) solutions, payment processing, and merchant financing services, is set to launch its initial public offering (IPO) on Friday, November 7.

Ahead of its launch this week, the grey market premium for the mainboard offer has started to grab headlines, with the GMP declining by 50% over the last few days.

With the subscription period just around the corner, here’s all you need to know about the Pine Labs Ltd. IPO, including the latest grey market premium (GMP), price band,offer size, and other details.

The grey market premium (GMP) of Pine Labs’ IPO was Rs 17 as of 10:30 a.m. on November 6. With the upper end of the price band set at Rs 221 apiece, the stock is expected to list around Rs 238, indicating a potential listing gain of nearly 7.69% for investors.

The highest GMP recorded for the IPO was Rs 60 on November 1. The grey market premium has shown a declining trend since then with a GMP of Rs 35 on November 3 and Rs 22 on November 4.

Overall, a 50% decline has been observed as compared to the GMP recorded on November 3. Although, this can change when the IPO opens for subscription on Friday.

Note: GMP does not represent official data and is based on speculation. GMP data sourced from InvestorGain.

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 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.

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.

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.

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.

Pine Labs Ltd. reported a 28% rise in revenue and a 57% improvement in profit after tax between the financial years ending March 31, 2024, and March 31, 2025. The company’s total income increased from Rs 1,824.16 crore in FY24 to Rs 2,327.09 crore in FY25. Its loss after tax narrowed from Rs 341.90 crore in FY24 to Rs 145.49 crore in FY25.

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.