Pine Labs IPO allotment: Check application status, latest GMP listing date & more

Pine Labs is likely to finalize the basis of allotment of its shares on Wednesday, November 12. Applicant bidders will get the messages, alerts or emails for debit of their funds or revocations of their IPO mandate latest by Thursday, November 13. The financial services saw a muted bidding response from the investors during the three-day bidding period.

The IPO of Pine Labs was open for bidding between November 07 and November 11. It had offered its shares in the price band of Rs 210-221 per share with a lot size of 67 shares. The company raised a total of Rs 3,899.91 crore via IPO, which included a fresh share sale of Rs 2,080 crore and offer-for-sale (OFS) of up to 8,23,48,779 equity shares Rs 1,819.91 crore.

The issue was overall subscribed only 2.46 times fetching just above 2.30 lakh applications, fetching bids for over Rs 5,300 crore. The allocation for the qualified institutional bidders (QIBs) was subscribed 4 times. Portions for retail investors and employees were subscribed only 1.22 times and 7.35 times, respectively. However, the quota for non-institutional investors' (NIIs) was under subscribed at 30 per cent only.

The grey market premium (GMP) of Pine Labs has seen a sharp correction on the back of muted bidding amid feeble broader market sentiments. Last heard, the company was commanding no grey market premium (GMP), suggesting a flat listing for the investors. The GMP stood at Rs 4-5 during the bidding phase.

Incorporated in 1998, Gurugram-based Pine Labs is a leading Indian merchant commerce platform that provides point-of-sale (PoS) solutions, payment processing, and merchant financing services. Pine Labs empowers businesses of all sizes—from small retailers to large enterprises—with digital payment technologies and value-added services.

Axis Capital, Morgan Stanley India Company, Citigroup Global Markets India, Jefferies India and JP Morgan India are the book running lead managers and Kfin Technologies is the registrar of the issue. Shares Refund initiation and credit of shares shall be initiated on Thursday, November 13. Shares of the company shall be listed on both BSE and NSE on Friday, November 14.  

Investors, who had bid for the issue of Pine Labs, can check the allotment status on the Bombay Stock Exchange (BSE) website:

1. Visit https://www.bseindia.com/investors/appli_check.aspx
2. Under the issue type, click Equity
3. Under the issue name, select Pine Labs Limited in the dropbox
4. Write the application number
5. Add the PAN card ID
6. Click on 'I am not a Robot' and hit search button
7. Investors can also check the allotment status on the online portal of KFin Technologies Limited (https://kosmic.kfintech.com/ipostatus), the registrar to the issue.

The registrar is a Sebi-registered entity, qualified to act as such and which electronically processes all applications and carries out the allotment process, as per the prospectus. The registrar is responsible for complying with the timelines for updating the electronic credit of shares to successful applicants, dispatching and uploading refunds, and attending to all investor-related queries.

1. Go to the web portal of KFin Technologies Limited
2. Select the IPO in dropbox whose name will be populated only if the allotment is finalized
3. You may be required to select either one of the three modes: Application number, Demat Account number, or PAN ID
4. In application type, select between ASBA and non-ASBA
5. Enter the details of the mode you selected in Step 2
6. For security purposes, fill the captcha accurately
7. Hit submit.