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Pine Labs enters the market with 10% listing gain

EntrackrEntrackr · 4h ago
Pine Labs enters the market with 10% listing gain
Medial

Pine Labs enters the market with 10% listing gain Fintech major Pine Labs made a positive debut on the public markets on Friday, listing at a 9.5% premium over its issue price despite lukewarm interest from retail investors during the IPO. The stock opened at Rs 242 per share against the IPO price of Rs 221, giving the Peak XV-backed firm a stable start on the NSE and BSE. The IPO, which closed on November 11, raised around Rs 3,900 crore, comprising a mix of fresh issuance and an offer for sale by existing shareholders. While institutional investors drove the bulk of the demand, retail participation remained modest. According to exchange data, Pine Labs’ IPO was oversubscribed 2.46 times overall. The retail portion saw 1.22x subscription, QIBs (excluding anchors) 4x, and Non-Institutional Investors (NIIs) just 0.3x, while the employee portion was the most subscribed at 7.35 times. Earlier this week, the company also secured three key licences from the RBI, for payment aggregation, payment gateway operations, and cross-border payments, covering both offline and online merchant transactions. These approvals allow Pine Labs to process domestic and international payments, manage settlements, and further expand its merchant network across sectors. In FY25, Pine Labs reported a 28.5% year-on-year revenue growth to Rs 2,274 crore in FY25 from Rs 1,769 crore in FY24, while net losses fell 57% to Rs 145 crore. Notably, the company turned profitable in Q1 FY26, posting a net profit of Rs 4.7 crore on revenue of Rs 616 crore. For now, the company has avoided the post-listing volatility seen in some startup IPOs earlier this year. But with public markets becoming increasingly selective, Pine Labs’ real test begins now, proving that a fintech born in the swipe era can hold its ground in the era of UPI, BNPL, and embedded finance. Pine Labs’ share touched its high of Rs 284 in the morning and as of 10:50 AM is currently trading at Rs 270.28, a 22.45% above its issue price, with the total market cap of Rs 31,051 crore ($3.52 billion).

Pine Labs files DRHP; Peak XV emerges as lead seller in OFS

EntrackrEntrackr · 4m ago
Pine Labs files DRHP; Peak XV emerges as lead seller in OFS
Medial

Merchant payments and lending platform Pine Labs has filed its Draft Red Herring Prospectus (DRHP) with the Securities and Exchange Board of India (SEBI) for an initial public offering (IPO) on Thursday. The IPO includes a fresh issue of equity shares worth Rs 2,600 crore (approximately $305 million) and an offer for sale (OFS) of 14.78 crore equity shares, according to the DRHP. Peak XV is set to offload around 3.9 crore shares, accounting for approximately 26.3% of the total offer for sale (OFS). Acitis Pine Labs Investment and Temasek will sell 1.49 crore and 1.48 crore shares, respectively. Other participants in the OFS include PayPal, Mastercard Asia, Invesco, Madison India, Sofina, Lightspeed, BlackRock, and individuals such as Amrish Rau, Lokvir Kapoor, Kush Mehra, among others. According to the DRHP, Peak XV is the largest external shareholder with a 20.35% stake, followed by Temasek and PayPal holding 7.1% and 6%, respectively. Actis Pine Labs Investment owns 5.78%, while Mastercard and Alpha Wave hold 5.24% and 3.39%, respectively. Amrish Rau holds a 2.35% stake, followed by Lokvir Kapoor with 1.97%. Pine Labs plans to list its shares on both the National Stock Exchange (NSE) and the Bombay Stock Exchange (BSE). The IPO will be managed by Axis Capital, Morgan Stanley, CITI, JP Morgan, and Jefferies, who are acting as the book-running lead managers. According to the DRHP, the net proceeds from the fresh issue will be utilized for repayment of borrowing, investment in subsidiaries, technology, research, and other general corporate purposes. In the first nine months of FY25, the company posted a 23% year-on-year increase in revenue, growing to Rs 1,208 crore from Rs 982 crore. It also reported a net profit of Rs 26.1 crore during the period.

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