Pine Labs IPO subscribed 13% on Day 1: Check price band, lot size and objectives

Pine Labs IPO: The initial public offering of fintech firm Pine Labs Limited has been subscribed 13% on the first day of bidding on Friday, November 7.

It secured bids for 1,29,03,195 shares compared to 9,78,93,739 shares on offer, according to the data on the stock exchanges.

The part reserved for retail individual investors (RIIs) secured 54% subscription, while the category for non-institutional investors (NIIs) got subscribed 7%. The qualified institutional buyers portion has been booked 2%.

The ₹3,899.91 crore initial share sale comprises a fresh issue of shares valued at ₹2,080 crore and an offer for sale (OFS) of over 8.23 crore equity shares aggregating to ₹1,819.91 crore. The price band has been set at ₹210 to ₹221 per share, and a lot consists of 67 shares.

Under the OFS, Peak XV Partners, PayPal, Mastercard Asia/Pacific, London-based Actis, Temasek through Macritchie Investments, Madison India Capital, MW XO Digital Finance Fund Holdco, Invesco, Lone Cascade LP, Sofina Ventures S.A., and Pine Labs co-founder Lokvir Kapoor will be offloading their shares.

The fresh issue proceeds will be utilised to repay debt, expenditure towards cloud infrastructure, investment in IT assets, technology development initiatives and procurement of digital checkout points.

The company will use funds for investment in its units, such as Qwikcilver Singapore, Pine Payment Solutions, Malaysia, and Pine Labs UAE, for growing the presence outside the country.

Before the IPO, the company raised ₹1,754 crore from anchor investors, including Franklin Templeton, Nomura, Amundi Funds New Silk Road, Massachusetts Institute of Technology, BNP Paribas, Morgan Stanley Asia Singapore Pte Ltd, Eastspring Investments, SBI Mutual Fund (MF), Tata MF, Aditya Birla Sun Life MF, Edelweiss MF and ICICI Prudential Life Insurance Company.

Pine Labs IPO: Key dates

About the company

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

Its technology infrastructure supports digital transactions and payment processing in India and in a few international markets such as Malaysia, Singapore, Australia, the UAE, the US, and parts of Africa.

According to the Redseer Report, the company was the largest issuer of closed and semi-closed-loop gift cards in India by transaction value in FY2025.

Pine Labs IPO GMP

According to media reports and investorgain.com, Pine Labs' unlisted shares are trading at ₹226, reflecting a grey market premium of 2.26%, or ₹5, over the upper price band of ₹221.