Pine Labs IPO Day 3 Live: Here's subscription status, GMP, and other key details. Should you apply or not?

Pine Labs IPO, which opened for subscription on November 7, will close for bidding today, Tuesday, November 11. The mainboard IPO was subscribed over 54% on the second day of bidding.

Based in Noida, Pine Labs is a technology firm aimed at enhancing commerce through digital payment solutions and issuance services for merchants, consumer brands, enterprises, and financial institutions.

Its technological framework facilitates digital transactions and payment processing in India and several other international regions, including Malaysia, the UAE, Singapore, Australia, the US, and various parts of Africa.

Pine Labs IPO subscription status

On the last day of bidding, the Pine Labs IPO has so far been subscribed over 1.52 times. The IPO has received 14,85,08,917 share applications against the offered 9,78,93,739 shares.

The retail category was subscribed 1.11 times, while the Non-Institutional Investor (NII) segment saw 0.22 times subscription. Qualified Institutional Buyers (QIBs) subscribed 2.32 times of their allotted portion.

Pine Labs IPO - apply or not?

According to SBICAP Securities, the company has built long-term partnerships with major clients like HDFC Bank, Croma, and LG Electronics, positioning itself to tap into an estimated ₹276 trillion market opportunity by FY29P. Between FY23 and FY25, it delivered an impressive Revenue and EBITDA CAGR of 19.3% and 538.6%, respectively. Moreover, it plans to use the IPO proceeds to repay ₹532 crore of debt. The company’s performance has witnessed a strong turnaround, highlighted by substantial growth in EBITDA and adjusted EBITDA during FY23–FY25.

“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 GMP today

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.

Pine Labs IPO details

Pine Labs’ ₹3,900 crore IPO concludes today, Tuesday, November 11. The price band is set between ₹210 and ₹221 per share, targeting a valuation of over ₹25,300 crore. The grey market premium (GMP) currently stands at ₹0.

The IPO comprises a fresh issue worth ₹2,080 crore and an offer for sale (OFS) of over 8.23 crore shares, valued at ₹1,819.9 crore at the upper price band, offered by existing shareholders.

Proceeds from the fresh issue will be used to repay debt, enhance IT infrastructure, fund cloud-related expenses, support technology development, and expand digital checkout solutions.

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