Pine Labs IPO Day 3: ₹3,900 crore issue yet to reach full subscription; Check GMP

The initial public offering (IPO) of fintech major Pine Labs, which opened for subscription on November 7, has seen a muted response from investors, managing to cross the halfway mark on the third and final day of bidding.

As of around 11 am on Tuesday, November 11, the IPO received bids for 5.55 crore shares against the 9.78 crore shares on offer, translating into a subscription of 0.57 times, according to data available on the National Stock Exchange (NSE).

The issue has witnessed the strongest demand from retail investors, who have subscribed to 0.98 times their reserved portion, followed by Qualified Institutional Buyers (QIBs) at 0.64 times.

The Non-Institutional Investor (NII) category, however, has seen a tepid response, receiving bids for only 0.14 times its allotted quota so far.

Pine Labs anchor investors

Pine Labs had raised ₹1,753 crore from over 70 anchor investors a day before its ₹3,899 crore issue opened for subscription.

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.

Pine Labs IPO details

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.

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.

The fresh proceeds will be used for technology expansion, debt repayment, and international growth, while the OFS will provide partial exits to existing investors.

Company snapshot

Pine Labs is a technology-led payments firm focused on digitising commerce for merchants, consumer brands, enterprises, and financial institutions. Its platform enables digital payments, billing integration, loyalty and rewards management, affordability options for consumers, and other value-added services such as dynamic currency conversion and store digitisation.

As of June 2025, Pine Labs had a network of 9.8 lakh merchants, 716 consumer brands and enterprises, and 177 financial institutions across India, Malaysia, Singapore, the UAE, Australia, the US, and Africa.

A leading player in point-of-sale and merchant solutions, Pine Labs competes with peers such as Paytm and Walmart-owned PhonePe.

The company reported a profit of ₹26.14 crore for the nine months ended December 2024, on a revenue of ₹1,208 crore.

Axis Capital, Morgan Stanley India, Citigroup Global, JPMorgan India, and Jefferies India are the book-running lead managers, while KFin Technologies is the registrar to the issue.

The share allotment is likely to be finalised on November 12, 2025, with listing on the BSE and NSE tentatively scheduled for November 14.