Pine Labs IPO Day 2: Slow But Steady Swipe On D-Street
The fintech buzz is real, but the pace? Still warming up!
On Day 2, Pine Labs IPO clocked an overall 13% subscription, showing investors are cautiously testing the waters before the final push. Non-institutional investors (NIIs) have tapped in at 7%, while QIBs seem to be taking their sweet time at 2%, maybe saving their swipe for the last day.
The surprise champ? Employees! Their quota is already oversubscribed 2.96 times, proving those inside the house have serious faith in the fintech they helped build.
Pine Labs IPO Timeline And Price Band
| Category | Details |
|---|---|
| IPO Open Date | November 7, 2025 |
| IPO Close Date | November 11, 2025 |
| Price Band | ₹210 – ₹221 per share |
| Target Valuation | ₹25,300+ crore |
| GMP (Grey Market Premium) Today | ₹4 |
| Anchor Investment | ₹1,754 crore raised from marquee investors on November 6 |
Pine Labs IPO Allotment And Listing Dates (Tentative)
| Event | Date |
|---|---|
| Basis of Allotment | November 12, 2025 |
| Refunds Initiation | November 13, 2025 |
| Shares Credited to Demat Accounts | November 13, 2025 |
| Listing Date (BSE & NSE) | November 14, 2025 |
Pine Labs: Business Snapshot
| Category | Details |
|---|---|
| Merchants Served (as of June 30, 2025) | 9.88 lakh |
| Consumer Brands & Enterprises | 716 |
| Financial Institutions | 177 |
| Key Acquisitions | Qwikcilver, Mosambee, Setu, Credit+ |
| Focus Areas | Payments, API infrastructure, SME digitization, prepaid and card solutions |
Pine Labs IPO Issue Details
- Total Issue Size: ₹3,899.9 crore
- Fresh Issue: ₹2,080 crore
- Offer for Sale (OFS): ₹1,819.9 crore (8.23 crore shares)
- Use of Funds: Debt repayment, IT and cloud infrastructure, product development, and acquisitions
Pine Labs IPO GMP
The Pine Labs IPO grey market premium (GMP) stands at ₹4 today, indicating an estimated listing price of ₹225 per share, about 1.8% above the issue price.
The GMP has declined sharply from ₹60 in recent sessions, signaling subdued near-term sentiment despite the company’s strong fundamentals.
Lead Managers & Registrar For Pine Labs IPO
- Lead Managers: Axis Capital, Morgan Stanley India, Citigroup Global Markets India, JP Morgan India, Jefferies India
- Registrar: KFin Technologies
- Offer for Sale (OFS) Participants Selling shareholders include:
- Peak XV Partners
- Actis (London)
- PayPal
- Mastercard Asia/Pacific
- Temasek (via Macritchie Investments)
- Invesco
- Madison India Capital
- MW XO Digital Finance Fund Holdco
- Lone Cascade LP
- Sofina Ventures S.A.
- Lokvir Kapoor (Co-founder of Pine Labs)
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