Pine Lab's IPO Fully Subscribed On The Last Day Of Initial Share Sale

New Delhi: The initial public offer of Pine Labs got fully subscribed on the last day of the initial share sale on Tuesday.The company's IPO received bids for 12,60,11,724 shares as against 9,78,93,739 shares on offer, translating into 1.29 times subscription as per data available with the NSE till 1400 hours.

The portion for qualified institutional buyers subscribed 1.90 times, while the retail individual investors' part received 1.10 times subscription. The portion for non-institutional investors subscribed 21 per cent.On Monday, the initial public offering (IPO) of Pine Labs received 54 per cent subscription on the second day of share sale.

Fintech firm Pine Labs on Thursday raised Rs 1,754 crore from anchor investors.The company's Rs 3,900 crore IPO will conclude on November 11. The firm has fixed a price band of Rs 210-221 per share for its IPO, targeting a valuation of over Rs 25,300 crore.The IPO has a fresh issue of shares worth Rs 2,080 crore and an offer for sale (OFS) of over 8.23 crore equity shares, valuing Rs 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, for 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. 

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