In the grey market, the premium (GMP) has slipped to 1.81%, down from the earlier 5%, indicating weakening investor sentiment. The company has set the price band at Rs 210–Rs 221 per share.
The IPO, open for bidding for three days, will close for subscription on November 11. It includes a fresh issue worth Rs 2,080 crore and an offer for sale (OFS) of Rs 1,820 crore.
Pine Labs IPO day subscription update
Pine Labs IPO Day 1 Subscription Update: Slow Start Across Investor Categories
The Rs 3,900 crore Pine Labs IPO saw a muted response on its opening day, with overall subscription reaching just 13% by the end of Day 1 — suggesting a slow start to the issue.
Retail Individual Investors (RIIs): Retail investors showed moderate participation, subscribing to 54% of the 1.81 crore shares reserved for them. This indicates some level of interest from small investors, though not a strong surge typically seen in high-demand IPOs.
Non-Institutional Investors (NIIs): The high-net-worth and non-institutional investor category witnessed very limited traction, with bids for only 7% of the 2.71 crore shares allocated. This segment often picks up in the later stages of an IPO, so further movement may be seen closer to the closing date.
Qualified Institutional Buyers (QIBs): Institutional investors showed notable caution, subscribing to just 2% of the 5.24 crore shares set aside for them. Such a slow response from QIBs is unusual for large IPOs and may reflect a wait-and-watch approach as they assess market conditions and valuation.
Pine Labs IPO GMP today
The latest Grey Market Premium (GMP) for the Pine Labs IPO stands at around Rs 4, which is roughly 1.8% above the upper end of the issue price band of Rs 221 per share. Based on this, the IPO’s estimated listing price is around Rs 225.
However, investors should note that the GMP is an unofficial indicator derived from grey market trading and does not represent the actual listing price. The real market performance on listing day may differ significantly depending on investor demand and overall market conditions.
Pine Labs IPO details
Pine Labs has launched its Rs 3,899.91 crore initial public offering (IPO), which consists of a fresh issue of 9.41 crore shares amounting to Rs 2,080 crore, and an offer for sale (OFS) of 8.23 crore shares worth Rs 1,819.91 crore. The price band for the issue has been fixed at Rs 210 to Rs 221 per share.
The IPO subscription window opened on November 7, 2025, and will close on November 11, 2025. The basis of allotment is expected to be finalized on November 12, 2025, and the company’s shares are likely to list on both the BSE and NSE on November 14, 2025.
Business overview of Pine Labs
Pine Labs has evolved into one of the leading merchant commerce platforms, offering a comprehensive suite of digital payment solutions, card issuance services, and merchant financing options. With operations spanning India, Southeast Asia, and the Middle East, the company serves over 980,000 merchants and 177 financial institutions as of June 2025.
Built on a cloud-based, API-first infrastructure, Pine Labs enables seamless integration for merchants and financial partners, strengthening its position as a major player in India’s fintech and digital payments ecosystem.
Financial performance and turnaround
In FY25, Pine Labs reported revenue of Rs 2,274 crore, reflecting a 28% year-on-year growth. Its adjusted EBITDA surged to Rs 357 crore, up from Rs 158 crore in FY24, indicating strong operational recovery. Meanwhile, adjusted PAT losses narrowed considerably to Rs 109 crore, compared to Rs 342 crore in the previous year.
The company also achieved positive EBITDA margins of 9.6% and adjusted EBITDA margins of 15.7%, underscoring significant gains in both efficiency and scalability.
Analysts view: Subscribe for long-term investment
In its IPO note, SBI Securities recommended a ‘Subscribe for long-term investment’ rating, citing Pine Labs strong growth trajectory, improving profitability, and a robust addressable market. The brokerage noted that the fintech player is well positioned to capitalise on the Rs 276 trillion digital payment opportunity expected by FY29, supported by deep partnerships with leading consumer brands and banks such as Croma, HDFC Bank, LG Electronics, and Apollo Pharmacy.
At the upper price band, Pine Labs is valued at an EV/EBITDA multiple of 82.8x and EV/Sales of 8x on post-issue capital. The company plans to use Rs 532 crore from the IPO proceeds to repay debt and another Rs 790 crore to strengthen technology, expand its cloud infrastructure, and fund growth initiatives.
“Pine Labs’ operations have witnessed a strong turnaround with robust growth in EBITDA and adj. EBITDA during FY23–FY25. On the back of its scalable business model and diversified ecosystem, we believe the company is well placed to deliver profitable growth,” SBI Securities said.
(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of Economic Times)