Particle.news
Download on the App Store
17 ARTICLES
·
3h ago

Pine Labs Lists at 9.5% Premium; Shares Surge Up to 28% on Debut

Proceeds target debt reduction, overseas subsidiaries and technology following RBI licences that expand its payments remit.

Image
Image
Image

Overview

  • Shares opened at Rs 242 and climbed as high as Rs 284 on the NSE, up 28.5% from the issue price, valuing the company at about Rs 320.3 billion, after being priced near a $2.9 billion valuation versus $5 billion in 2022.
  • The Rs 3,899.91 crore IPO was subscribed 2.46 times, led by Qualified Institutional Buyers at roughly 4x, with retail at around 1.2x and the NII bucket at 0.30x.
  • Pine Labs has RBI approval across Payment Aggregator–Online, Physical and Cross-Border categories, enabling end-to-end domestic and international payment services.
  • The offer-for-sale produced divergent outcomes: Peak XV Partners realised about Rs 508 crore at roughly 39.5x, while Lightspeed booked an estimated 41% loss and some BlackRock funds were near breakeven.
  • Use of funds includes repayment of borrowings, investments in subsidiaries in Singapore, Malaysia and the UAE, and upgrades to IT, cloud and technology, with room for acquisitions.