Up till 12:51 IST today, the second day of bidding, 39% of the fintech giant Pine Labs’ IPO had been subscribed.  Compared to the 9.78 Cr shares that have been offered thus far, the offering attracted bids for 4.47 Cr shares.

The quota for employees attracted the most interest and was oversubscribed 4.42 times.  Out of the 1.32 lakh shares on offer, it received offers for 5.84 lakh shares.

79% of the 1.81 Cr shares reserved were bid on by retail investors for 1.43 Cr shares.

Out of the 2.71 Cr shares that were up for purchase, only 10% of the non-institutional investors’ category received bids for 27 lakh shares.

Of the 5.24 Cr shares on offer, qualified institutional bidders bid 2.69 Cr, or 51% of the total.

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For the IPO, the fintech startup has set a price range of INR 210 to INR 221. Subscriptions will be accepted until tomorrow.  On November 14, Pine Labs’ shares are anticipated to go public.

The IPO consists of an offer-for-sale (OFS) component of up to 8.23 Cr shares and a new issue of up to INR 2,080 Cr.  Among the investors selling their shares through the OFS are Peak XV Partners, Temasek, PayPal, and Mastercard.

At the upper end of the spectrum, the company is valued at INR 25,377 Cr (about $2.8 billion) while the overall amount of the IPO is approximately INR 3,900 Cr.

71 anchor investors, including SBI Mutual Fund, Nomura India, Massachusetts Institute of Technology, HSBC, ICICI Prudential, Franklin Templeton Investment Morgan Stanley, and Tata Digital India Fund, contributed INR 1,753.8 Cr to Pine Labs last week.

The company intends to use the proceeds from the new issuance to strengthen its tech infrastructure, invest in foreign operations, and repay or prepay its debts.

Pine Labs, which was founded in 1998 by Lokvir Kapoor, Tarun Upadhyay, and Rajul Garg, provides digital payment solutions for businesses, consumer brands, and merchants in India as well as international markets like Malaysia, the United Arab Emirates, Singapore, Australia, the United States, and Africa.

In terms of finances, a one-time tax credit of INR 9.6 Cr helped Pine Labs generate a profit in the first quarter (Q1) of FY26.  In contrast to a loss of INR 27.9 Cr in the first quarter of FY25, the company achieved a net profit of INR 4.8 Cr.  In the meantime, operational revenue increased by over 18% year over year to INR 615.9 Cr in Q1 FY26.

In FY25, Pine Labs’ net loss dropped 57% to INR 145.4 Cr from INR 341.9 Cr in the previous fiscal year.  Operating revenue climbed 28% to INR 2,274.3 Cr from INR 1,769.5 Cr in FY24.