New Delhi: The initial public offer of Pine Labs received 54 per cent subscription on the second day of the initial share sale on Monday.
The IPO received bids for 5,31,12,240 shares against 9,78,93,739 shares on offer, according to NSE data.
The portion for retail individual investors’ part got subscribed 87 per cent, and the quota for qualified institutional buyers received 64 per cent subscription. The category for non-institutional investors got subscribed to 12 per cent.
On Friday, the initial public offering (IPO) of Pine Labs received 13 per cent subscription.
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 initial public offering (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, 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.