Liquidity Events
Merchant payments player Pine Labs’ IPO oversubscribed 1.2x
The initial public offering (IPO) of Gurugram-based Pine Labs was oversubscribed 1.19 times. The IPO was a mix of fresh issue of INR 2,080 crore and an offer for sale (OFS) component of 8.23 crore equity shares with a price band of INR 210-221 per share.The issue received bids for 11.66 crore shares against 9.79 crore shares on offer. The qualified institutional buyers (QIB) portion was subscribed 1.75 times, retail segment 1.07 times, non-institutional investors (NIIs) 0.18 times, and the employee portion 6.16 times.This IPO offers an exit opportunity for investors Peak XV Partners (formerly Sequoia Capital India), Actis, Temasek’s MacRitchie Investments, PayPal, Mastercard, Madison India, Lone Cascade, Sofina Ventures. Founder Lokvir Kapoor will also sell a portion of his stake.Axis Capital, Morgan Stanley, Citi, JP Morgan, and Jefferies are managers for the issue.The fresh funds will be used by the company for debt repayment (INR 532 crore) & technology expansion (INR 769 crore).
Between Apr-09 and Mar-22, Pine Labs had attracted about USD 1,658 M from New Atlantic Ventures, Peak XV Partners, Madison India, Actis, Altimeter Capital, PayPal, Temasek, Mastercard, Lone Pine Capital, Baron Capital, Marshall Wace, Moore Strategic Ventures, 360 ONE, Fidelity India, Kotak Alternate, Neuberger Berman, Tree Line Asia, Invesco, Vitruvian Partners, Alpha Wave Global and others.For FY24, had reported about INR 1317.47 Cr in Operating Income and about INR 187 Cr in Net Loss.
Want to receive such news items in your inbox? Click Here to sign up for a trial.
