Pine Labs IPO Receives 54 % Subscription on Day 2

The initial public offer of Pine Labs received 54 % subscription on the second day of the initial share sale on Monday.

The IPO received bids for 5,31,12,240 shares against 9,78,93,739 shares on offer, according to NSE data.

The portion for retail individual investors' part got subscribed 87 %, and the quota for qualified institutional buyers received 64 % subscription. The category for non-institutional investors got subscribed to 12 %.

On Friday, the initial public offering (IPO) of Pine Labs received 13 % subscription.

Fintech firm Pine Labs on Thursday raised ₹ 1,754 crore from anchor investors.

The company's ₹ 3,900 crore IPO will conclude on November 11. The firm has fixed a price band of ₹ 210-221 per share for its initial public offering (IPO), targeting a valuation of over ₹ 25,300 crore.

The IPO has a fresh issue of shares worth ₹ 2,080 crore and an offer for sale (OFS) of over 8.23 crore equity shares, valuing ₹ 1,819.9 crore at the upper end, by existing shareholders.

Proceeds from the fresh issue will be used by the company to repay debt, investment in IT assets, expenditure towards cloud infrastructure, technology development initiatives and procurement of digital checkout points.

The company will use funds for investment in its subsidiaries, such as Qwikcilver Singapore, Pine Payment Solutions, Malaysia, and Pine Labs UAE, for expanding the presence outside the country.

Noida-based Pine Labs is a technology company focused on digitising commerce through digital payments and issuing solutions for merchants, consumer brands, enterprises, and financial institutions.

Its technology infrastructure supports digital transactions and payment processing in India as well as in a few international markets, such as Malaysia, the UAE, Singapore, Australia, the US, and parts of Africa.

The company's customer base spans a wide range of sectors, including retail, e-commerce, lifestyle, consumer electronics, healthcare, travel, hospitality, and financial services, as well as public sector clients such as municipal bodies and traffic departments.

It has long-standing relationships with several large brands and institutions, including Croma and HDFC Bank, with some partnerships extending over a decade.

The company competes with the likes of Paytm, Razorpay, Infibeam, PayU Payments, PhonePe in the domestic market and Adyen, Shopify and Block in the overseas markets.

Pine Labs will make its stock market debut on November 14.