Pine Labs IPO Day 3 Highlights: Issue subscribed 2.46x on final day; GMP trades flat. Should you buy or avoid?

Pine Labs IPO Day 3 LIVE Updates: The Pine Labs IPO was subscribed 2.46x on the third day as investors bid for 24,09,38,834 shares, compared to the 9,78,93,739 shares on offer, according to the BSE data.

The Qualified Institutional Buyers (QIB) were the largest IPO subscriber segment which was overbooked 4 times as investors subscribed to 20,97,92,544 shares, compared to the 5,24,42,127 shares on offer.

The retail investors followed the QIB lead coming in to book 1.22x the Pine Labs IPO, as bidders subscribed to 2,21,42,830 shares, compared to the 1,81,27,735 shares on offer for the portion.

The Non Institutional Investors (NII) portion of the IPO was subscribed 30% as the bidders booked 80,30,754 shares, compared to the 2,71,91,602 shares on offer.

Pine Labs IPO Day 3 LIVE Updates: As of Tuesday, 11 November 2025, the grey market premium (GMP) of Pine Labs IPO stood flat at ₹0. With the upper price band of the public issue at ₹221 per share, the stocks are expected to be listed flat on the Indian stock market, according to IPO India data.

Grey market premium (GMP) is an investors' willingness to invest into a primary issue.

Pine Labs IPO Day 3 LIVE Updates: Pine Labs is seeking an Enterprise Value of ₹18,093 crore, while its competitors, One 97 Communications Ltd. (Paytm), are looking for an Enterprise Value of ₹69,965 crore, Zaggle Prepaid Ocean Services at ₹4,349 crore, and One Mobikwik Systems at ₹1,380 crore.

Among these four companies, Zaggle Prepaid Ocean Services is the only one that is profitable, boasting a P/E ratio of 56.8 times. In contrast, the other three companies are operating at a loss.

Pine Labs IPO Day 3 LIVE Updates: Pine Labs has a very large OFS component (47% of the total issue size), suggesting that the primary motive of the offering is to give liquidity to existing stakeholders rather than raising capital primarily for the company's future growth and expansion.

Pine Labs IPO Day 3 LIVE Updates: The company primarily operates through a) Digital infrastructure & Transaction Platform, which comprises in-store and online payment infrastructure, affordability, value-added services, and fintech infrastructure solutions and software applications, and b) Issuing and Acquiring Platform, which comprises issuing, processing and distribution of prepaid solutions and engagement solutions, along with unified issuing and acquirer processing platforms.

Pine Labs IPO Day 3 LIVE Updates: According to Lakshmishree Investment & Securities, IPO proceeds will be strategically deployed for debt reduction, IT infrastructure investment, and international expansion. Given its market leadership, proven operational scale, and recent successful transition to profitability, Pine Labs is strongly positioned to capitalize on global digital consumption growth.

“We recommend a ‘SUBSCRIBE’ rating for very long-term investors in this highgrowth fintech platform,” said the brokerage.

Pine Labs IPO Day 3 LIVE Updates: On the last day, Pine Labs IPO subscription status was at 1.26x so far. The retail segment saw a subscription rate of 1.09x, while the Non-Institutional Investors (NII) category received 21% of bids. The Qualified Institutional Buyers (QIBs) portion garnered only 1.85x of bids. Additionally, the employee segment was subscribed at a rate of 6.28x.

Pine Labs IPO Day 3 LIVE Updates: 1) Dependence on a few key customers; non-exclusive and easily terminable contracts increase the risk of revenue loss if relationships are not maintained

2) Subject to RBI and ReBIT supervision; any adverse regulatory actions, observations, or policy changes could impact operations

3) Operates in a highly competitive digital payments market; inability to differentiate or manage costs may affect market share and profitability.

1. Scale-up adoption of offerings while increasing the suite of products.
2. Broaden and deepen the partnership ecosystem.
3. Invest in the technology platform.
4. Enter new international markets and expand presence within existing international markets.
5. Continue to pursue strategic acquisitions and investments

Pine Labs IPO Day 3 LIVE Updates: The company through its comprehensive suite of offerings has developed deep partnerships with marquee names such as Croma, HDFC Bank, LG Electronics, Trent, HPCL, Apollo Pharmacy, etc, with some of these relationships spanning over a decade.

1. Dependence on Customer and Partner Retention
2. Regulatory and Compliance Risk
3. Intellectual Property Risk
4. Cybersecurity and Data Privacy Risk
5. Dependence on Digital Payment Ecosystem
6. Regulatory Compliance and Anti–Money Laundering Risk

Pine Labs IPO Day 3 LIVE Updates:

1. In-Store Payments
2. Affordability, VAS and transaction processing
3. FinTech Infrastructure
4. Issuing and Acquiring Platform

Pine Labs IPO Day 3 LIVE Updates:

1. Unified Commerce Ecosystem: Owns a comprehensive platform combining instore POS, online payments (Plural), and value-added services, creating a high barrier to entry and strong merchant loyalty.
2. High-Margin VAS Growth: Drives superior revenue quality through fast-growing, high-margin solutions like Buy Now, Pay Later (BNPL)/EMI and its market-leading prepaid/gifting platform (Qwikcilver).
3. Path to Profitability: Recently achieved its first quarterly net profit (Q1 FY26) and significantly reduced annual losses, validating its scalable model and improving operational efficiency.
4. International Expansion: Actively growing its presence and revenue share in large, under-penetrated fintech markets like Southeast Asia and the Middle East, diversifying geographic risk.
5. Fintech Infrastructure Edge: Strategic acquisitions (like Setu) position it as a core fintech infrastructure provider, ready to capitalize on the future of embedded finance and API-based banking.

Pine Labs IPO Day 3 LIVE Updates:

1. Scale and Expand the Offerings Suite
2. Broaden and Deepen the Partnership Ecosystem
3. Invest in the Technology Platform
4. Enter and Expand International Markets
5. Pursue Strategic Acquisitions and Investments

Pine Labs IPO Day 3 LIVE Updates: Brokerage house, SMIFS said that the company is loss making so we are considering the P/BV valuation, Looking at the P/B ratio at higher band of Rs. 221, pre - issue book value of Rs. 33.82 of P/Bvx 6.53x. Post issue book value of Rs. 49.17 of P/Bvx 4.50x. Looking at the P/B ratio at lower band of Rs. 210, pre - issue book value of Rs. 33.82 of P/Bvx 6.21x. Post issue book value of Rs. 49.17 of P/Bvx 4.27x.

Pine Labs IPO Day 3 LIVE Updates:

“Pine Labs is valued at 82.8x EV/EBITDA and 50.7x EV/Adj. EBITDA (post-issue). The company operates across 9.8 lakh merchants, 716 consumer brands & enterprises and 177 financial institutions in India and international markets. With marquee clients like HDFC Bank, Croma and LG Electronics, Pine Labs is well-positioned to tap the ₹276trn digital payments opportunity by FY29. IPO proceeds of ₹532cr will be used for debt repayment. Backed by a robust business model and improving profitability, we recommend SUBSCRIBE for long-term,” said Aditya Birla Money.

Pine Labs IPO Day 3 LIVE Updates:

1. Robust ecosystem linking merchants, brands, and financial institutions, creating strong network effects.
2. Merchants rose from 5.3 lakh in FY23 to 9.9 lakh in FY25 (988K in Q1 FY26); brands from 444 to 716; financial institutions from 80 to 177.
3. Network effects enhance transactions, insights, and monetization opportunities.
4. Partnership-driven expansion with software, corporate, and distribution collaborators.
5. Comprehensive platform offering payments, issuing, affordability, analytics, and loyalty tools.
6. Supported by marquee partners like SBI, HDFC, Amazon, Flipkart, Samsung, LG and Marriott.

Pine Labs IPO Day 3 LIVE Updates: 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 Day 3 LIVE Updates: 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.

Pine Labs IPO Day 3 LIVE Updates: 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 Day 3 LIVE Updates: Pine Labs IPO GMP today or grey market premium was ₹0, which meant shares were trading at their issue price of ₹221 with no premium or discount in the grey market according to investorgain.com

According to the recent analysis of grey market activities over the past 10 sessions, the current IPO GMP shows a downward trend and is anticipated to decrease further. The minimum GMP recorded is ₹0.00, with the maximum reaching ₹60, as per expert opinions.

'Grey market premium' indicates investors' readiness to pay more than the issue price.

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