How to check allotment status: Investors who applied for the Pine Labs IPO can check their allotment status once it is finalised by following these steps
Visit the registrar’s website (https://kfintech.com)
Choose “IPO Allotment Status”
Select Pine Labs Ltd from the drop-down menu.
Enter Application Number, PAN Number, or DP/Client ID.Submit to view statusAlternatively, investors can also check their status on the BSE website
Visit (https://www.bseindia.com/investors/appli_check.aspx)
Select “Equity” and pick Groww IPO, and enter PAN or application number.
Allotted shares will reflect in your demat account by November 13, while refunds for non-allottees will also be initiated on the same day.
IPO overview and subscription response
Pine Labs IPO was a book-built issue worth Rs 3,899.91 crore, comprising a fresh issue of Rs 2,080 crore and an offer for sale (OFS) of Rs 1,819.91 crore. The company had fixed a price band of Rs 210–221 per share.
The IPO was subscribed 2.48 times overall, led mainly by institutional demand. The Qualified Institutional Buyers (QIB) category was subscribed 3.97 times, while Retail investors bid 1.27 times their quota. The Non-Institutional Investor (NII) segment, however, saw a weaker response at 0.30 times.
Pine Labs had raised Rs 1,753.8 crore from anchor investors before the issue opened, with participation from top global and domestic funds.
Listing outlook and GMP trend
Despite strong institutional participation, market sentiment around Pine Labs’ listing remains cautious. The GMP has slipped to Rs 1, indicating that the stock is expected to list nearly flat or with only marginal upside over its issue price of Rs 221.
Analysts say the subdued premium reflects investor caution around valuation and profitability. Though the company posted a 57% rise in profit after tax in FY25, it has only recently turned profitable after years of losses.
Brokerages remain mixed on Pine Labs’ near-term outlook. Some see strong long-term potential, while others find the valuation aggressive.
About the company
Founded in 1998, Pine Labs is one of India’s leading merchant commerce platforms, offering point-of-sale (POS) solutions, payment processing, and merchant financing. Its ecosystem connects over 9.8 lakh merchants, 716 brands, and 177 financial institutions across India and abroad.
The company provides a range of solutions including smart POS devices, buy-now-pay-later (BNPL) options, merchant loans, loyalty and gift card programs, and e-commerce payment tools. Its key clients include HDFC Bank, Axis Bank, ICICI Bank, Amazon Pay, Flipkart, and LG Electronics.
In FY25, Pine Labs reported total income of Rs 2,327 crore, up 28% year-on-year, and PAT of Rs 4.79 crore, marking a turnaround from losses of Rs 145 crore in FY24. EBITDA margins improved to 15.68% during the same period.
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