Fintech firm Pine Labs will hit the primary market today (November 7), opening its much-awaited Rs 3,900 crore IPO for subscription. The issue will remain open until Tuesday, November 11.
What’s on offer
The public issue is a mix of fresh shares and an Offer for Sale (OFS). The company plans to raise Rs 2,080 crore through the fresh issue, while existing shareholders will sell shares worth Rs 1,820 crore through the OFS route.
Price band and investment details
Pine Labs has set the price band between Rs 210-221 per share. The lot size is 67 shares. This means retail investors need at least Rs 14,807 to apply for one lot at the upper price band. Those looking to apply for the maximum 13 lots will need Rs 1.92 lakh.
GMP trend
Before the IPO opens for subscription today, Pine Labs shares are trading at a premium of around Rs 12 in the grey market. However, these grey market trends are only indicative and can change quickly. The actual listing price may differ from the current GMP levels.
Who can apply
In the IPO structure, 75% of the shares are reserved for qualified institutional buyers (QIBs), 15% for non-institutional investors (NIIs), and the remaining 10% for retail investors. This follows the standard mainboard IPO allocation pattern.
Anchor investors
A day before its Rs 3,899 crore IPO opens for subscription, Pine Labs has raised Rs 1,753 crore from anchor investors. The fintech firm allocated around 7.9 crore shares at Rs 221 per share -the top end of its price band – to more than 70 institutional investors.
The anchor book, opened ahead of the public issue, drew interest from global and domestic funds.
Several major investment and financial firms have taken positions as anchor investors in the Pine Labs IPO. This list includes both domestic and international players such as SBI Mutual Fund, Nomura, Templeton Mutual Fund, Aditya Birla Sun Life Mutual Fund, Mirae Asset Mutual Fund, ICICI Prudential Life Insurance, Tata Mutual Fund, BNP Paribas, and Axis My Life.
Other notable participants include HSBC, Bandhan Mutual Fund, Edelweiss Mutual Fund, Morgan Stanley, Amundi Funds, Motilal Oswal, Susquehanna Pacific, Bharti Axa, Reliance General Insurance, and Abakkus Flexi Edge Fund-1.
Key dates to remember
The bidding window runs from November 7 to November 11. The share allotment is likely to be finalised on Wednesday, November 12, with refunds and share credits expected on Thursday, November 13. If all goes as scheduled, Pine Labs shares will list on the NSE and BSE on Friday, November 14.