Noida-based fintech company Pine Labs, which is backed by Peak XV Partners, Mastercard, PayPal, and Temasek Holdings, has reduced the initial share sale size to Rs 3,900 crore and fixed the price band at Rs 210-221 per share.
The company that provides in-store point-of-sale, online payment gateways, and prepaid solutions will raise Rs 2,080 crore via issuance of fresh shares, while investors, including Peak XV Partners, Macritchie Investments, Madison India, Mastercard Inc, PayPal Inc, AIM Investment Funds, and Actis Pine Labs Investment Holdings, will be offloading 8.23 crore equity shares via offer-for-sale.
It has reduced its offer size from Rs 5,867 crore, which comprised a fresh issue worth Rs 2,600 crore and an offer-for-sale of 14.78 crore equity shares.
Even the upper price band is lower than the last transaction price of Rs 302 per share on September 30 this year mentioned in the Red Herring Prospectus filed with the Registrar of Companies on October 31.
Now, Pine Labs is valued at Rs 25,377 crore at the upper price band.
The company has reserved shares worth up to Rs 2.5 crore for its employees, who will receive shares at a discount of Rs 21 per share to the final price.
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Up to 75 percent of the net offer (excluding employee portion) has been reserved for qualified institutional buyers, 15 percent for non-institutional investors, and 10 percent for retail investors.
Investors can bid for a minimum of 67 equity shares and in multiples of 67 shares thereafter.
The IPO will open for public subscription on November 7 and close on November 11, while the anchor book will be launched for a day on November 6.
The company will finalise IPO share allotment by November 12, while the trading in Pine Labs shares will commence on the BSE and NSE effective November 14.
On the financial front, the fintech company has reported a profit of Rs 4.8 crore for the quarter ended June 2025 against a loss of Rs 27.9 crore in the corresponding period of the last fiscal. Revenue during the same period increased by 17.9 percent to Rs 615.9 crore, up from Rs 522.4 crore.
Axis Capital, Morgan Stanley India Company, Citigroup Global Markets India, JP Morgan India, and Jefferies India are acting as the merchant bankers for the Pine Labs IPO.
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