Pine Labs IPO Day 3: Issue Gets 2.48x Subscription, Retail Quota Booked 1.27x; GMP At Zero
Pine Labs IPO Day 3: Issue Gets 2.48x Subscription, Retail Quota Booked 1.27x; GMP At Zero
Pine Labs IPO Day 3 GMP, Subscription Status, Price, Allotment & Listing Date: Fintech firm Pine Labs witnessed the last day of its Rs 3,899.91-crore initial public offering (IPO). The IPO, whose price was fixed at Rs 210-221 apiece, has been today, November 11, at 5 pm. The IPO received a 2.48x subscription on Day 3, 13 per cent subscription on the first day of bidding on Friday and 55 per cent on Day 2 on Monday.
However, its grey market premium has further fallen to nil, compared with 1.81% on Monday.
The company raised Rs 1,754 crore from anchor investors on Thursday, a day before the IPO.
The anchor book saw participation from 71 funds, including Franklin Templeton, Nomura, Morgan Stanley Asia Singapore Pte Ltd, Amundi Funds New Silk Road, Massachusetts Institute of Technology, BNP Paribas and Eastspring Investments, according to a circular uploaded on BSE's website.
According to market observers, unlisted shares of Pine Labs are currently trading at Rs 221 apiece in the grey market, which is zero premium (or GMP) over the upper IPO price of Rs 221, indicating flat or negative listing for the company.
The GMP was Rs 5.43% on Friday and nearly 16% a few days ago.
The GMP is based on market sentiments and keeps changing. ‘Grey market premium' indicates investors' readiness to pay more than the issue price.
The IPO was opened on November 7 and will be closed on November 11. Its allotment will be finalised on November 12, while the stock listing is scheduled to take place on November 14 on both BSE and NSE.
Brokerages have given a mixed response to the Pine Labs IPO, with views split between long-term optimism and near-term caution. While some see strong potential in its business model, others find the valuation steep given its loss-making status.
Cautious Voices
Arihant Capital advised investors to avoid the issue, citing losses at the PAT level and high employee and technology costs. Swastika Investmart also suggested avoiding the IPO for now, calling it “aggressively valued” with limited short-term visibility. Angel One rated it neutral, noting that the company remains loss-making and trades at a premium to peers on an EV/EBITDA basis, while warning of risks like regulatory uncertainty and intense competition.
Long-Term Optimism
On the other hand, SBI Securities gave a ‘subscribe for long-term' rating, citing Pine Labs' strong network of 9.8 lakh merchants and Rs 276 trillion market opportunity by FY29. It said the firm is well placed to deliver profitable growth. IDBI Capital also recommended ‘subscribe for long-term', highlighting Pine Labs' Rs 11,424.97 billion transaction volume in FY25 and its strategic acquisitions that strengthen its digital infrastructure ecosystem.
Retail: 1.27x
Non-institutional investors: 0.30x
Qualified institutional buyers: 3.97x
Total: 2.48x
The grey market premium (GMP) remains zero.
Retail: 1.27x
Non-institutional investors: 0.30x
Qualified institutional buyers: 3.97x
Total: 2.48x
The grey market premium (GMP) remains zero.
Retail: 1.22x
Non-institutional investors: 0.30x
Qualified institutional buyers: 3.96x
Total: 2.47x
The grey market premium (GMP) remains zero.
Retail: 1.14x
Non-institutional investors: 0.22x
Qualified institutional buyers: 1.96x
Total: 1.34x
The grey market premium (GMP) stands at zero.
The lot size of the Pine Labs IPO for an application is 67. The minimum amount of investment required by a retail is Rs 14,807 (67 shares), based on the upper price. The lot size investment for small NII is 14 lots (938 shares), amounting to Rs 2,07,298, and for big NII, it is 68 lots (4,556 shares), amounting to Rs 10,06,876.
Retail: 1.11x
Non-institutional investors: 0.17x
Qualified institutional buyers: 1.41x
Total: 1.02x
The grey market premium has fallen to zero, which is lower than the Rs 2 GMP yesterday and the Rs 12 GMP recorded on the first day of bidding on Friday. The price band of the IPO is Rs 210-Rs 221.
Retail: 1.09x
Non-institutional investors: 0.17x
Qualified institutional buyers: 0.88x
Total: 0.73x
The grey market premium has fallen to nil, which is lower than the Rs 2 GMP yesterday and the Rs 12 GMP recorded on the first day of bidding on Friday. The price band of the IPO is Rs 210-Rs 221.
Brokerage firm Angel One in its IPO note said that at the upper price band of Rs 221 per share, the company's valuation cannot be meaningfully assessed on a P/E basis as it remains loss-making at the net level. On an EV/EBITDA basis, it is trading at a premium to listed peers, which raises some valuation concerns despite the strong sectoral and company outlook. Therefore, Angel One has assigned a “Neutral” rating to the issue for investors with a medium- to long-term horizon. The brokerage also highlighted key risks, including dependence on merchant and financial partners, intense competition in the fintech space, cybersecurity and technology upgrade challenges, as well as regulatory uncertainties across markets.
The IPO consists both fresh issue worth Rs 2,080 crore and offer-for-sale (OFS) of 8.23 crore equity shares. Previously, the issue had an offer-for-sale of 14.78 crore equity shares.
Peak XV Partners, Macritchie Investments, Madison India, Mastercard Inc, PayPal Inc, AIM Investment Funds, and Actis Pine Labs Investment Holdings are selling their shares via the issue.
At the upper price band, the valuation of Pine Labs has touched Rs 25,377 crore.
The retail quota of the Pine Labs IPO has been fully subscribed. Here's the subscription status, till 11:00 am:
Retail: 1.02x
Non-institutional investors: 0.14x
Qualified institutional buyers: 0.63x
Total: 0.57x
The grey market premium has fallen to nil, which is lower than the Rs 2 GMP yesterday and the Rs 12 GMP recorded on the first day of bidding on Friday. The price band of the IPO is Rs 210-Rs 221.
Pine Labs turned profitable this quarter to report at Rs 4.78 crore for Q1FY26 after a string of losses. However, the fintech received a tax credit of Rs 9.63 crore because of losses.
FY25 still shows a loss of Rs 145.49 crore, but it's smaller than FY24's Rs 341.90 crore.
The company reported a total income of Rs 653.07 crore. However, its total expenses stood at Rs 657.86 crore for the June 2025 quarter.
SBI Securities assigned a ‘subscribe for long-term' rating, highlighting Pine Labs' strong network of 9.8 lakh merchants, 716 consumer brands, and 177 financial institutions across India and abroad. It said the firm is well placed to capitalise on the Rs 276 trillion market opportunity by FY29, with IPO proceeds being used partly to repay Rs 532 crore of debt. “We believe the company is well placed to deliver profitable growth going forward,” SBI Securities said.
The Pine Labs IPO will be closed today at 5:00 pm, and the allotment is expected to be finalised tomorrow in the evening.
Retail: 0.95x
Non-institutional investors: 0.13x
Qualified institutional buyers: 0.63x
Total: 0.56x
The grey market premium has fallen to nil, which is lower than the Rs 2 GMP yesterday and the Rs 12 GMP recorded on the first day of bidding on Friday. The price band of the IPO is Rs 210-Rs 221.
Source: News18
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