Overview
- Pine Labs listed at Rs 242 on the BSE and NSE, a 9.5% premium to the Rs 221 issue price, hit an intraday high of Rs 283.70, and ended around Rs 251–252, valuing the company at roughly Rs 28,856 crore.
- The Rs 3,900 crore IPO was subscribed 2.46 times, led by 4x demand from QIBs, with retail at about 1.22x, NIIs at 0.30x, and the employees’ tranche heavily bid at around 7.7x.
- The offering combined a Rs 2,080 crore fresh issue with a Rs 1,819.9 crore OFS, after Pine Labs raised about Rs 1,754 crore from 71 anchor investors ahead of the sale.
- Proceeds are earmarked for debt reduction, technology and cloud investments, overseas expansion in Singapore, Malaysia and the UAE, and potential acquisitions.
- The debut followed disclosures that Pine Labs secured RBI approvals for payment aggregator, payment gateway and cross-border operations, as early investors saw mixed OFS outcomes with Peak XV booking a 39.5x gain while Lightspeed logged losses.