Summary of this article
Pine Labs IPO subscribed 0.46 times so far on Day 2, as of 1:30 PM
The employee quota saw the strongest demand, with subscriptions at 4.54 times
Pine Labs IPO's GMP has declined 93 per cent to Rs 4 per share over the issue price
Pine Labs IPO Subscription Day 2: The grey market premium (GMP) of Pine Labs' initial public offering (IPO) shares in the unlisted market continued to decline on November 10, falling 93 per cent from the start of the month. Amid a declining GMP, Pine Labs’ IPO has witnessed a muted investor response so far. As of 1:30 PM on the second day of bidding, the issue was subscribed 0.46 times, or 46 per cent overall. The employee quota saw the strongest demand, with subscriptions at 4.54 times. Employees were offered 1,32,275 shares at a discount of Rs 21 per share to the issue price.
Among investor categories, qualified institutional buyers (QIBs) subscribed 0.51 times their allotted 5.24 crore shares. Non-institutional investors (NIIs), who were offered 2.71 crore shares, subscribed 0.11 times, while the retail investor portion, comprising 1.81 crore shares, was booked 0.82 times.
Pine Labs IPO Details
Pine Labs IPO Issue Size: Pine Labs is looking to raise about Rs 3,899.91 crore through its IPO. The offer includes a fresh issue of shares worth Rs 2,080 crore and an offer for sale of shares worth Rs 1,819.91 crore.
Pine Labs IPO Price Band: The company is offering its shares with a price band of Rs 210-221 per share.
Pine Labs IPO Lot Size, Minimum Investment: The minimum application size for retail investors is one lot of 67 shares, requiring an investment of Rs 14,807 at the upper end of the price band.
Pine Labs IPO Objective: According to its red herring prospectus (RHP), Pine Labs will use Rs 532 crore from the IPO proceeds to repay or prepay borrowings of the company and its subsidiaries. It will invest Rs 60 crore in subsidiaries such as Qwikcilver Singapore, Pine Payment Solutions Malaysia, and Pine Labs UAE to expand its overseas operations. Another Rs 760 crore will go toward IT assets, cloud infrastructure, technology development, and procurement of DCPs, while the balance will be used for general corporate purposes and potential acquisitions.
Pine Labs IPO BRLMs, Registrar: The book running lead managers are Axis Capital, Morgan Stanley India, Citigroup Global Markets, JP Morgan India, and Jefferies India, while KFin Technologies is the registrar to the issue.
Pine Labs IPO GMP Today
Pine Labs IPO's GMP, which stood at around Rs 60 per share over the issue price on November 1, has slipped to just Rs 4 as of November 10.
Given the current GMP and the upper end of the issue price, Rs 221, the expected listing price of Pine Labs shares is likely to be Rs 225, a potential listing gain of 1.80 per cent.
Pine Labs: Company Profile
Founded in 1998, Pine Labs is one of India’s leading merchant commerce platforms. The company offers a wide range of digital payment and financing solutions, including smart point-of-sale (POS) devices, Buy Now Pay Later (BNPL) services, merchant financing, loyalty and gift card programs, and online payment tools for businesses of all sizes.
As of June 30, the company catered to over 9.88 lakh merchants, 716 consumer brands, and 177 financial institutions. Its key partners include Amazon Pay, LG Electronics, Flipkart, HDFC Bank, Axis Bank, and ICICI Bank.
Pine Labs IPO Financials
Pine Labs reported a total income of Rs 653.08 crore for the quarter ended June 30, 2025 (Q1FY26), and a profit after tax (PAT) of Rs 4.79 crore. Its Ebitda came in at Rs 120.56 crore.
For FY25, the fintech company’s revenue rose to Rs 2,327.09 crore, up from Rs 1,824.16 crore in FY24 and Rs 1,690.44 crore in FY23.
The firm managed to narrow its losses to Rs 145.49 crore in FY25 from Rs 341.90 crore in the previous fiscal and Rs 265.15 crore in FY23. Ebitda improved to Rs 356.72 crore in FY25 from Rs 58.20 crore in FY24 and Rs 196.80 crore in FY23.
As of Q1FY26, Pine Labs reported a net debt of Rs 888.74 crore and a net worth of Rs 2,327.55 crore, according to its RHP.
