Summary
So, the Pine Labs IPO Day 2 is in, and it looks like about 18% of the shares are bought up so far. The market’s a bit shaky, so investors are playing it cool. This IPO is a big deal, possibly valuing Pine Labs at over ₹25,300 crore! Even though the grey market premium (GMP) is down a little, brokers still think this fintech company has a good future.
Pine Labs IPO: What’s the Deal?
Day 1 saw 13% subscription, jumping to 18% on Day 2. Employees are really into it, buying almost three times their share (2.96x). They must really believe in the company!
- Big institutional investors (QIBs): 2%
- Other investors (NIIs): 7%
- Regular folks: 10% of the offer
Shares are priced between ₹210–₹221 each, and employees get a sweet ₹21 discount.
They’re offering ₹2,080 crore in new shares and selling over 8.23 crore existing shares, worth ₹1,819.9 crore at the high end.
When Do I Get My Shares (If I Get Any)?
- Shares should be assigned around November 12 (Wednesday).
- If you don’t get shares, refunds start November 13 (Thursday), and shares go into accounts the same day.
- Pine Labs starts trading on November 14 (Friday) on the BSE and NSE.
What’s the Buzz in the Grey Market?
Right now, the Pine Labs IPO GMP is ₹4, which is a bit lower than before. If you got shares at ₹221, you might get ₹225 when they start trading, which is about a 1.81% gain.
The GMP’s been up and down lately, but experts say not to worry too much about it. What matters is how the company does long term.
Should You Buy Pine Labs Shares?
Pine Labs works with a lot of folks including 988,000 stores, 716 brands, and 177 banks. They’ve grown by buying other companies like Qwikcilver and Setu, which has made their payment and tech setup stronger.
IDBI Capital says the stock is a bit pricey right now, but they still say BUY for the long haul.
SBICAP Securities points out that Pine Labs works with big names like HDFC Bank and Croma, so they’re in a good spot to profit from India’s huge fintech market. They’ve also been making a lot more money lately.
The company plans to pay off ₹532 crore in debt and invest in tech, which shows they’re serious about growing the right way.
Why Pine Labs Might Be a Good Bet
Pine Labs has a good business, a lot of customers, and they’ve made smart acquisitions. Even though the grey market is a little shaky, their long-term future looks good.
Quick Numbers:
- IPO: November 7–11, 2025
- Share Allotment: November 12, 2025
- Trading Starts: November 14, 2025
- Price: ₹210–₹221
- GMP: ₹4
- Employee Discount: ₹21/share
- Total Size: ₹3,899.9 crore
Bottom Line:
The Pine Labs IPO is seeing some cautious interest. The grey market isn’t super exciting, but the company seems solid and could be a good pick for investors who believe in India’s digital future.
Note: All information and images used in this content are sourced from Google. They are used here for informational and illustrative purposes only.
Pine Labs IPO Day 2 LIVE – Frequently Asked Questions (FAQs)
When did the Pine Labs IPO open for subscription?
The Pine Labs IPO opened for public subscription on November 7, 2025, and will remain open until November 11, 2025.
What is the Pine Labs IPO price band?
The IPO price band is fixed between ₹210 and ₹221 per share, offering investors flexibility within this range.
How much has the Pine Labs IPO been subscribed so far?
As of Day 2, the issue has been booked 18% so far, reflecting moderate investor participation.
How was the Day 1 subscription status?
On Day 1, the IPO achieved 13% subscription, with the employee quota leading the way at 2.96 times subscribed.
What is the Pine Labs IPO GMP today?
The Pine Labs IPO grey market premium (GMP) today stands at ₹4, showing a downward trend compared to previous sessions.
What is the estimated listing price based on the current GMP?
Based on the upper price band of ₹221 and the current ₹4 GMP, the estimated listing price is around ₹225 per share, reflecting a 1.81% premium.
How is the IPO allocated among different investor categories?
The allocation is divided as follows — 75% for QIBs, 15% for NIIs, and 10% for retail investors, with an additional portion reserved for employees.
What discount is available for Pine Labs employees?
Eligible employees are being offered a ₹21 discount per share, encouraging strong participation from within the company.
When will the IPO allotment be finalised?
The basis of allotment will be finalised on Wednesday, November 12, 2025.
When will refunds be initiated and shares credited?
Refunds will begin on Thursday, November 13, and shares will be credited to demat accounts on the same day.
When is the Pine Labs IPO listing date?
The shares are expected to be listed on BSE and NSE on Friday, November 14, 2025.
How much money was raised from anchor investors?
Pine Labs successfully raised ₹1,754 crore from anchor investors before the IPO opened to the public.
What is the total issue size of the Pine Labs IPO?
The IPO includes a fresh issue of ₹2,080 crore and an offer for sale (OFS) worth ₹1,819.9 crore, making the total issue size ₹3,899.9 crore.
What will the company use the IPO proceeds for?
The company plans to repay ₹532 crore in debt, invest in IT and cloud infrastructure, support technology development, and enhance digital checkout points.
Who are the key selling shareholders in the OFS?
Major investors participating in the OFS include Peak XV Partners, Actis, PayPal, Mastercard, Temasek, Invesco, Madison India Capital, MW XO Digital Finance Fund, Lone Cascade LP, Sofina Ventures S.A., and co-founder Lokvir Kapoor.
Who are the book running lead managers for this IPO?
The IPO is managed by Axis Capital, Morgan Stanley India, Citigroup Global Markets India, JP Morgan India, and Jefferies India.
Who is the registrar for the Pine Labs IPO?
KFin Technologies serves as the registrar for the IPO process.
What do analysts say about the Pine Labs IPO?
Brokerages like IDBI Capital and SBICAP Securities have given a “Subscribe for long term” recommendation, citing strong fundamentals and high growth potential.
How strong is Pine Labs’ business performance?
The company has shown solid growth, with a Revenue CAGR of 19.3% and EBITDA CAGR of 538.6% from FY23 to FY25, driven by acquisitions and a scalable fintech model.
What major clients and partnerships does Pine Labs have?
Pine Labs has strong partnerships with leading names such as HDFC Bank, Croma, and LG Electronics, which strengthen its market credibility.
How large is Pine Labs’ merchant and partner network?
As of June 30, 2025, Pine Labs served nearly 988,000 merchants, 716 consumer brands, and 177 financial institutions globally.
What is the company’s valuation target through this IPO?
The IPO targets a valuation exceeding ₹25,300 crore, underscoring investor confidence in its fintech dominance.
What are Pine Labs’ notable acquisitions?
The company has strategically acquired Qwikcilver, Mosambee, Setu, and Credit+, enhancing its ecosystem in payments, APIs, and card issuance.
What is the overall recommendation for investors?
Experts recommend subscribing to the Pine Labs IPO for long-term gains, given its strong fundamentals, solid client base, and growing presence in India’s digital payments landscape.
