Pine Labs Rs 3,900-cr IPO subscribed 2.46 times on final day

New Delhi, Nov 11 (PTI) The initial public offering (IPO) of Pine Labs received 2.46 times subscription on the final day of share sale on Tuesday.

The company's Rs 3,900-crore IPO got bids for 24,09,38,767 shares against 9,78,93,739 shares on offer, as per NSE data.

Among investors category, qualified institutional buyers part fetched four times subscription, while the quota for retail individual investors got subscribed 1.22 times. However, only 30 per cent of the portion for non-institutional investors was subscribed.

On Monday, the IPO of Pine Labs received 54 per cent subscription on the second day of the share sale.

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

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 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. PTI HG TRB