Pine Labs IPO Day 2: Check Subscription Status & Key Highlights
The Pine Labs IPO enters its second day of subscription today, 10 November 2025. By the end of the first day, the issue was subscribed 0.13 times overall, with the highest participation from the retail investors’ category at 0.54 times. The bidding window is scheduled to close on November 11, 2025.
Pine Labs IPO: Issue Details
The Pine Labs IPO is a book-building issue of ₹3,899.91 crore, consisting of a fresh issue of ₹2,080 crore and an offer for sale of ₹1,819.91 crore. The price band is set between ₹210 and ₹221 per share.
The basis of allotment will be finalised by November 12, 2025, and the tentative listing date on NSE and BSE is November 14, 2025.
The book-running lead managers for the IPO are Axis Capital Limited, Morgan Stanley India Company Private Limited, Citigroup Global Markets India Private Limited, J.P. Morgan India Private Limited, and Jefferies India Private Limited, while MUFG Intime India Private Limited serves as the registrar for the issue.
Pine Labs IPO Day 2 Subscription Status
[10-November-2025 10:51:00 hrs]
|
Investor Category |
Subscription (Times) |
|
Qualified Institutional Buyers (QIBs) |
0.02 |
|
Non-Institutional Investors |
0.09 |
|
Retail Individual Investors (RIIs) |
0.71 |
|
Employees |
3.86 |
|
Total |
0.17 |
Pine Labs IPO Day 1 Subscription Status
[7-November-2025 17:00:00 hrs]
|
Investor Category |
Subscription (Times) |
|
Qualified Institutional Buyers (QIBs) |
0.02 |
|
Non-Institutional Investors |
0.07 |
|
Retail Individual Investors (RIIs) |
0.54 |
|
Employees |
2.96 |
|
Total |
0.13 |
Utilisation of IPO Proceeds
The company will not receive any proceeds from the OFS (offer for sale) component; instead, they will be directly allocated to the selling shareholders.
The net proceeds from the fresh issue will be distributed towards
- Repay/prepay outstanding debt
- Investment in subsidiaries, Qwikcilver Singapore, Pine Payment Solutions, Malaysia and Pine Labs UAE for expanding presence outside India
- Invest in IT assets, procurement of digital check-out points (“DCP”) and technology development initiatives
- Fund capital expenditure towards cloud infrastructure
- General corporate purposes
- Unidentified inorganic acquisitions
Pine Labs Business Overview
Pine Labs is a leading merchant commerce platform that powers digital payments, loyalty, and consumer credit solutions for merchants, brands, and financial institutions. Their platform operates across India and a growing number of international markets, including Southeast Asia, the Middle East, and other global regions
In FY 2025, Pine Labs processed a Gross Transaction Value (“GTV”) of ₹11,424.97 billion, handling approximately 5.68 billion transactions across its platforms.
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