Prior to its initial public offering (IPO), which begins accepting subscriptions today, fintech unicorn Pine Labs has raised Rs 1,754 crore from anchor investors.
Key Highlights
- Pine Labs allocates 7.93 crore shares at ₹221 to anchor investors raising ₹1,754 crore ahead of IPO.
- Anchor book involves 71 institutional investors including domestic mutual funds and global firms like MIT Retirement Fund.
According to the National Stock Exchange (NSE) filing, Pine Labs has allocated 7.93 crore equity shares at a price of Rs 221 per share, which is at the top of its price range of Rs 211–221.
More than 70 institutional investors, including both domestic and international mutual funds, participated in the anchor book. These included worldwide brands including Morgan Stanley, Nomura, Amundi Funds, and The MIT Retirement Fund, as well as SBI Mutual Fund, ICICI Prudential, HDFC Mutual Fund, Axis Mutual Fund, Aditya Birla Sun Life, and Nippon Life India.
There was a significant domestic demand for the IPO, as evidenced by the fact that 12 domestic mutual funds received about 47% of the total anchor allocation across about 30 schemes.
A new issue of Rs 2,080 crore and an offer for sale (OFS) of 8.23 crore shares by current shareholders make up the company's Rs 3,900 crore initial public offering (IPO). The new issue's proceeds will go toward worldwide expansion, technology advancements, and debt reduction.
Peak XV Partners (previously Sequoia Capital India) will receive the largest windfall during its offer for sale (OFS), a 39.5X return on its investment. Additionally, Madison India and Sofina Ventures have the potential to record impressive profits of 5.6X and 4.7X, respectively.
Also Read: Pine Labs IPO Values Firm at $2.7 Bn; Peak XV Eyes 40X Return
According to the red herring prospectus, Pine Labs' revenue increased by 28.5% year over year to Rs 2,274 crore in FY25 from Rs 1,769 crore in FY24, while net losses decreased by 57% to Rs 145 crore in the same time frame. Notably, the business generated a profit in the first quarter of FY26, reporting a net profit of Rs 4.7 crore on Rs 616 crore in revenue.
