Overview
- Subscriptions reached 0.16 times on Day 2 after a 0.13 times start on Day 1, with the issue open through November 11 in the Rs 210–221 band.
- The grey market premium fell from a Rs 35 peak on November 3 to about Rs 4, implying an indicative listing near Rs 225, though GMP is an unofficial gauge.
- Pine Labs raised Rs 1,754 crore from 71 anchor investors before opening, including Franklin Templeton, Nomura, Morgan Stanley Asia Singapore and others.
- The Rs 3,899.91 crore offer comprises a fresh issue of Rs 2,080 crore and an offer for sale of Rs 1,819.91 crore, with allotment expected November 12 and listing on November 14.
- Proceeds are earmarked for debt repayment, overseas investments and technology upgrades, as FY25 total income rose to Rs 2,327.09 crore and losses narrowed to Rs 145.49 crore.