Pine Labs IPO GMP, Subscription Status Updates: The IPO season continues to buzz. Pine Labs, one of India’s leading fintech players enters the second day of its public issue today (November 10). While retail interest has picked up, the grey market premium (GMP) has cooled slightly, slipping about 2% from earlier levels.
Pine Labs: Subscription update
As of 1:00 PM on Day 2, the Pine Labs IPO has been subscribed 0.46 times overall so far. Breaking it down, the retail portion is subscribed 0.83 times, the qualified institutional buyer (QIB) segment 0.51 times, and the non-institutional investor (NII) category 0.11 times.
As of 12:30 noon on November 10 (Day 2), the Pine Labs IPO was subscribed 0.39 times overall. The retail portion saw a better response at 0.80 times, while the qualified institutional buyer (QIB) segment stood at 0.39 times, and non-institutional investors (NII) at 0.10 times.
| Pine Labs IPO | Key Details |
| Price Band | Rs 210-221 per share |
| IPO Date | November 07-November 11 |
| GMP | 1.81% |
| IPO Allotment date | November 12 |
| Listing date | November 14 |
As the IPO continues its bidding, lets take a look the key factors to watch out for this ongoing IPO-
Pine Lab IPO: Fresh issue and offer for sale
The public issue, which opened on November 7, will close on Tuesday, November 11. Allotment is expected on November 12. Thereafter, the shares are set to debut on November 14 on both the BSE and NSE
The Rs 3,899.91 crore IPO includes a fresh issue worth Rs 2,080 crore and an offer-for-sale (OFS) of up to 8.23 crore equity shares worth Rs 1,819.91 crore by existing investors.
The company has set a price band of Rs 210–221 per share, with retail investors able to bid for a minimum of one lot of shares.
Talking of the fund utilisation, the amount raised through this public offering will go toward debt repayment, investment in subsidiaries, and technology infrastructure upgrades, including cloud and IT assets.
Pine Labs IPO: Anchor investors
Prior to the opening of this mainboard IPO, the company managed to secure Rs 1,754 crore from a list of 71 anchor investors. The anchor book featured marquee global names. These includes Franklin Templeton, Morgan Stanley, BNP Paribas, Nomura, Amundi Funds, Eastspring Investments, and even the Massachusetts Institute of Technology (MIT).
Pine Labs IPO: Investor allocation and structure
According to the IPO terms, 75% of the issue is reserved for qualified institutional buyers (QIBs), 15% for non-institutional investors (NIIs), and 10% for retail investors.
Pine Labs IPO: Who is managing the issue
The IPO is managed by Axis Capital, Morgan Stanley India, Citigroup Global Markets India, Jefferies India, and JP Morgan India as book-running lead managers. Kfin Technologies is the registrar for the issue.
Pine Labs IPO: About the IPO
Founded in 1998, Pine Labs started as a card-based payment solutions provider and has since evolved into a merchant commerce platform that supports point-of-sale (PoS) transactions, payment processing, and merchant financing.
Pine Labs operates as both small retailers and large enterprises, helping them accept digital payments, offer EMI options, and manage transactions through its cloud-based platform.
