[Update] Pine Labs IPO: Issue Subscribed 13% On Day 1

Update | November 7, 18:50 PM

Fintech firm Pine Labs’ IPO saw a modest start on the first day of bidding, with the issue subscribed 0.13X. The public issue received cumulative bids for 1.29 Cr shares against 9.78 Cr shares available for subscription.

The employee quota saw the highest enthusiasm on Day 1 and was subscribed 2.96X, receiving bids for 3.92 Lakh shares against 1.32 Lakh shares reserved.

Retail individual investors’ quota was subscribed 54%, getting bids for 98.66 Lakh shares against 1.81 Cr shares on offer.

The non-institutional investors’ category was only subscribed 7%, with bids received for 18.44 Lakh shares compared to 2.71 Cr shares on offer.

The qualified institutional buyers’ segment saw a mere 2% subscription, getting bids for 8.04 Lakh shares as against 5.24 Cr shares reserved.

Original | November 7, 13:59 PM

Fintech major Pine Labs’ IPO saw a slow start, with the issue getting subscribed 9% in the first few hours of bidding on Day 1. As of 13:09 IST, the IPO received cumulative bids for 88.57 Lakh shares as against 9.78 Cr shares on offer.

Employees led the early participation, with the quota reserved for them oversubscribed 2.08X. They placed bids for 2.74 Lakh shares against 1.32 Lakh shares on offer.

Retail investors placed bids for 72.21 Lakh shares against 1.81 Cr shares reserved for them, translating to 40% subscription.

The non-institutional investors’ category received just 5% subscription, receiving bids for 12.46 Lakh shares against 2.71 Cr shares available for bidding.

Qualified institutional buyers didn’t place bids for a single share till the time of writing this copy.

Pine Labs has set a price band of INR 210 to INR 221 for its IPO. At the upper end of the spectrum, the total size of the IPO is about INR 3,900 Cr and the startup is valued at INR 25,377 Cr (about $2.8 Bn).

The issue comprises a fresh issue of up to INR 2,080 Cr and an offer-for-sale (OFS) component of up to 8.23 Cr shares. Peak XV Partners, Temasek, PayPal and Mastercard are among the investors offloading stakes via the OFS.

The IPO will remain open for subscription until November 11 and the company’s shares are expected to list on the bourses on November 14.

Yesterday, Pine Labs raised INR 1,753.8 Cr from 71 anchor investors, including SBI Mutual Fund, Nomura India, Massachusetts Institute of Technology, HSBC, ICICI Prudential, Franklin Templeton Investment Morgan Stanley, Tata Digital India Fund, among others.

Pine Labs plans to deploy the fresh issue proceeds to repay or prepay its borrowings, invest in overseas subsidiaries, and bolster its tech infrastructure

Founded in 1998 by Lokvir Kapoor, Tarun Upadhyay and Rajul Garg, Pine Labs offers digital payments solutions for merchants, consumer brands and enterprises in India and overseas markets like Malaysia, the UAE, Singapore, Australia, the US and Africa.

On the financial front, Pine Labs turned profitable in the first quarter (Q1) of FY26 on the back of a one-time tax credit of INR 9.6 Cr. The company reported a net profit of INR 4.8 Cr as against a loss of INR 27.9 Cr in Q1 FY25. Meanwhile, revenue from operations zoomed nearly 18% YoY to INR 615.9 Cr in Q1 FY26.

In FY25, Pine Labs’s net loss narrowed 57% to INR 145.4 Cr from INR 341.9 Cr in the previous fiscal year. Operating revenue grew 28% to INR 2,274.3 Cr from INR 1,769.5 Cr in FY24.

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