Pine Labs IPO Day 2: Issue booked 54% so far. Pine Labs IPO GMP falls, review, key dates, more. Should you apply?

Pine Labs IPO subscription status was 13% on day 1. The subscriptions from non-institutional investors (NIIs) were 7%, whereas the qualified institutional buyers (QIBs) showed a significantly low engagement at 2% on the first day. The employees’ quota was an exception, already fully subscribed by nearly three times (2.96 times).

The public subscription for the initial public offering (IPO) of Pine Labs, a fintech company, started on November 7 and will end on November 11. Pine Labs IPO price band has been set at ₹210 to ₹221 per share, aiming for a valuation exceeding ₹25,300 crore. Pine Labs IPO GMP today is ₹4. Pine Labs secured ₹1,754 crore from anchor investors on Thursday, just one day prior to the opening of its initial share sale for public subscription.

Pine Labs IPO has allocated a 75% of the shares in the public offering for qualified institutional buyers (QIB), 15% for non-institutional investors (NII), and 10% of the total offer is set aside for retail investors. Equity shares valued at up to ₹25 million have been reserved for employees. Eligible employees are offered a discount of ₹21 per equity share.

Tentatively, Pine Labs IPO basis of allotment of shares will be finalised on Wednesday, November 12, and the company will initiate refunds on Thursday, November 13, while the shares will be credited to the demat account of allottees on the same day following refund. Pine Labs share price is likely to be listed on BSE and NSE on Friday, November 14.

Pine Labs IPO subscription status

Pine Labs IPO subscription status was 54% on day 2. The retail portion was subscribed 87%, and NII portion has been booked 12%, Qualified Institutional Buyers (QIBs) portion received 64% bids. The employee portion has been subscribed 4.90x.

The company has received bids for 5,31,13,379 shares against 9,78,93,739 shares on offer, at 17:00 IST, according to data on BSE.

Pine Labs IPO review

As of June 30, 2025, IDBI Capital said that the company provided services to nearly 988,000 merchants, 716 consumer brands and enterprises, and 177 financial institutions. Throughout the years, Pine Labs has grown both organically and through acquisitions—such as Qwikcilver (which offers prepaid solutions), Mosambee (focused on SME digitization), Setu (providing API infrastructure), and Credit+ (involved in card issuance and processing)—to enhance its ecosystem and cater to various commerce workflows.

“At the upper price band, the stock is trading at EV/Sales and EV/EBITDA of 8.0x and 82.8x respectively, based on post-issue capital. We recommend SUBSCRIBE for long term,” said IDBI Capital.

As stated by SBICAP Securities, the firm has established enduring relationships with prominent clients such as HDFC Bank, Croma, and LG Electronics, and is poised to take advantage of the approximately ₹276 trillion market opportunity by FY29P. From FY23 to FY25, it has shown a strong Revenue/EBITDA CAGR of 19.3%/538.6%, respectively. In addition, the company intends to utilize the IPO proceeds to pay off ₹532 crore in debt. The firm’s operations have experienced a significant turnaround, marked by substantial growth in EBITDA and adjusted EBITDA during the FY23-FY25 timeframe.

“On the back of a robust business model, going forward, we believe the company is well placed to deliver profitable growth and hence, we recommend investors to SUBSCRIBE to the issue with long-term investment horizon,” said the brokerage.

Pine Labs IPO details

Pine Labs IPO that includes a fresh issue of shares amounting to ₹2,080 crore and an offer for sale (OFS) of over 8.23 crore equity shares, which is valued at ₹1,819.9 crore at the highest price point, provided by existing shareholders.

The funds raised from the fresh issue will be utilized by the company to settle debts, invest in IT assets, cover expenses related to cloud infrastructure, support technology development projects, and acquire digital checkout points.

As part of the Offer for Sale (OFS), several entities including Peak XV Partners, the London-based Actis, 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., and Lokvir Kapoor, co-founder of Pine Labs, will sell their shares in the fintech company.

Axis Capital, Morgan Stanley India Company, Citigroup Global Markets India, JP Morgan India, and Jefferies India serve as the book running lead managers, while KFin Technologies acts as the registrar for the IPO.

Pine Labs IPO GMP today

Pine Labs IPO GMP is ₹4. Considering the upper end of the IPO price band and the current premium in the grey market, the estimated listing price of Pine Labs share price was indicated at ₹225 apiece, which is 1.81% higher than the IPO price of ₹221.

According to the activities in the grey market over the last 9 sessions, today's IPO GMP is trending downward and is anticipated to decline further. Experts indicate that the lowest GMP has reached ₹4.00, whereas the highest GMP is recorded at ₹60.

Disclaimer: The views and recommendations above are those of individual analysts, experts and broking companies, not of Mint. We advise investors to check with certified experts before making any investment decision.