Fintech company Pine Labs has opened its initial public offering, seeking to raise approximately Rs. 3,899.91 crore through a combination of fresh issuance and an offer for sale. The issue comprises a fresh issue of Rs. 2,080 crore and an offer for sale of Rs. 1,819.91 crore by existing shareholders.
Ahead of the public launch, the company secured about Rs. 1,754 crore from anchor investors, with 7.93 crore equity shares allocated at Rs. 221 per share. The anchor book drew participation from 71 funds including Franklin Templeton, Nomura, Morgan Stanley Asia Singapore, Amundi Funds New Silk Road, MIT, BNP Paribas and Eastspring Investments, along with domestic investors such as SBI Mutual Fund, Aditya Birla Sun Life MF, HSBC MF, Tata MF, Edelweiss MF and ICICI Prudential Life Insurance.
For the public subscription, the price band has been set between Rs. 210 and Rs. 221 per share. Retail investors can apply for a minimum lot of 67 shares (equating to an investment of about Rs. 14,807 at the upper price) and up to 13 lots (investment of around Rs. 1,92,491) are allowed.
The IPO opens on November 7 and closes on November 11, 2025, with allotment expected on November 12 and listing scheduled for November 14 on the BSE and NSE.
Broking firm SBI Securities has recommended a “Subscribe” rating for the issue, citing Pine Labs’ strong business model and consistent improvement in profitability (such as growth in EBITDA and adjusted EBITDA between FY23 and FY25) as supportive factors.
The purpose of the proceeds includes strengthening Pine Labs’ technology infrastructure, supporting international expansion, and repaying existing debt.
Market sentiment around the listing appears optimistic, with a grey market premium (GMP) of about 7% suggesting favourable listing expectations.
