Pine Labs IPO subscribed 2.5 times on strong institutional demand

Fintech major Pine Labs’ ₹3,900 crore initial public offering (IPO) received robust demand from institutional investors, with the issue subscribed 2.5 times overall by the close of bidding on Monday.

According to exchange data, the qualified institutional buyers’ (QIB) portion was subscribed nearly 4 times, while the retail category saw a modest 1.2 times subscription. Non-institutional investors, including high-net-worth individuals, bid for around 0.3 times their allotted quota.

The IPO comprised a fresh issue of ₹2,080 crore and an offer for sale of ₹1,820 crore. At the upper end of the price band of ₹221 per share, the company commands a valuation of about ₹25,377 crore (approximately $2.9 billion).

Despite the strong institutional response, retail participation remained subdued amid valuation concerns and continued losses. Pine Labs reported a net loss of ₹145 crore on revenues of ₹2,274 crore for FY25.

Founded in 1998, the Sequoia- and Temasek-backed fintech firm provides merchant payment and financing solutions across India and Southeast Asia. Its key investors also include PayPal and Mastercard.

The company’s successful IPO subscription reflects growing institutional confidence in India’s digital payments sector, even as profitability remains a concern for new-age fintech firms.Read about our editorial guidelines and ethics policy