Pine Labs raises ₹1,753 crore from anchor investors as IPO opens for subscription today

IPO-bound Pine Labs has secured ₹1,753 crore from over 70 anchor investors a day before its ₹3,899 crore issue opens for subscription on Friday, November 7.

The board of Pine Labs has approved the allocation of 7.9 crore equity shares to eligible anchor investors at ₹221 per share, which is the upper end of the price band.

SBI MF, Nomura, Templeton MF, Aditya Birla Sun Life MF, Mirae Asset MF, Massachusetts Institute of Technology, HSBC, ICICI Prudential Life Insurance, Tata MF, BNP Paribas, Axis My Life, Bandhan MF, Edelweiss MF, Morgan Stanley, Abakkus Flexi Edge Fund-1, Amundi Funds, Motilal Oswal, Susquehanna Pacific, Bharti Axa, Reliance General Insurance are some of the prominent names that feature in the list of anchor investors for the Pine Labs IPO.

Out of the total 7.9 crore shares allocated to anchor investors, 3.7 crore shares or 47% of the total allocation has been made to 12 domestic mutual funds, who have applied through 30 different schemes of theirs.

Pine Labs' ₹3,899 crore IPO is a combination of a fresh issue of shares worth ₹2,080 crore, and an Offer for Sale (OFS) for the remaining ₹1,819.9 crore.

Investors can bid for one lot of 67 shares, which will entail a minimum investment of ₹14,807 and then in multiples of 67 shares. 75% of the issue has been reserved for institutional investors, 15% for NIIs and the remaining 10% for retail investors.

At the upper end of the price band, Pine Labs could be valued at over ₹25,300 crore.

Ahead of the issue opening for subscription today, the Grey Market Premium (GMP) for Pine Labs in the unlisted market is ₹12 per share. It must be noted that these reports are speculative in nature and the listing price can differ from the GMP levels.