Pine Labs shares trade below IPO price; Here's why February 10 is important

Shares of newly listed Pine Labs Ltd., which are trading lower on Monday, will be in focus in Tuesday's session, as its three-month shareholder lock-in period will come to an end.

As many as 39.7 million shares or 3% of the company's outstanding will free up for trade on February 10 as the lock-in comes to an end tomorrow, according to Nuvama Alternative & Quantitative Research.

Based on Monday's market level, the value of the shares that will free up for trade tomorrow is worth nearly ₹865 crore.

It must be noted that the end of the shareholder lock-in period does not mean all the shares will be sold in the open market, but they only become eligible to be traded.

The first instance of Pine Labs' shareholder lock-in ending took place on December 8, 2025, where as many as 19.8 million shares or 2% of the company's outstanding were up for trade.

Again on December 12, Pine Labs' one-month shareholder lock-in period came to an end, where 39.7 million shares or 3% of the company's outstanding were up for trade.

In its first quarterly result after listing, Pine Labs' GTV grew by 92% from last year to $48.2 billion, while the number of transactions grew by 44% from last year to 1.9 billion.

Its net profit stood at ₹6 crore from ₹5 crore in the previous quarter, while its Earnings Before Interest, Tax, Depreciation and Amortisation (EBITDA) on an adjusted basis also remained flat at ₹122 crore from ₹121 crore last year.

There was also a sharp drop in ESOP expenses that contributed to the profitability of the company this quarter. ESOP expenses fell 28% from last year and stood at 4% of revenue, compared to 7% last year.

Shares of Pine Labs are now trading 0.16% lower at ₹217.77. The stock trades 1.5% below its IPO price of ₹221 per share.