Pine Labs IPO subscribed 52% so far on Day 2; check category-wise subscription and key details

Pine Labs IPO: The initial public offering of Pine Labs has been subscribed 52% so far on the second day of the share sale on Monday, November 10.

The IPO secured bids for 5,08,59,298 shares against 9,78,93,739 shares on offer, according to NSE data until 4:05 pm.

The retail individual investors' (RIIs) quota attracted 86% subscription, while the part for non-institutional investors (NIIs) received 12% subscription. The portion for qualified institutional buyers (QIBs) got booked 60%.

The ₹3,899.91 crore IPO, which will end on November 11, has set a price band of ₹210 to ₹221 per share. The lot size for an application is 67 shares.

The issue consists of a fresh issuance of ₹2,080 crore and an offer for sale (OFS) of ₹1,819.91 crore by existing shareholders.

The fresh issue proceeds will be utilised for the following objectives:

The company's shares will make their market debut on November 14.

Noida-based Pine Labs, a technology company, is focused on digitising commerce through digital payments. It offers solutions for merchants, enterprises, consumer brands, and financial institutions.

The company's technology infrastructure aids digital transactions and payment processing in domestic and a few international markets, such as the UAE, Malaysia, Australia, the US, Singapore and parts of Africa.

Axis Capital, Jefferies India, JP Morgan India, Citigroup Global Markets India, and Morgan Stanley India are the company's book-running lead managers, while KFin Technologies is the registrar.

Pine Labs IPO GMP

According to media reports and investorgain.com, unlisted shares of Pine Labs are trading at ₹224, reflecting a grey market premium of 1.36%, or ₹3, over the upper price band of ₹221.