Pine Labs gains 14% on debut after ₹3,900-crore IPO despite weak demand

Fintech firm Pine Labs made a strong market debut with a 14 per cent rise over its issue price, even as subscription levels were modest

Fintech major Pine Labs made a strong market debut on Friday, with shares rising 14 per cent over its issue price despite a lukewarm response to its Rs 3,900-crore IPO.

 

The stock listed at a premium and climbed as much as 28.5 per cent to Rs 284 during intraday trade, before settling at Rs 252, up Rs 31 from the issue price of Rs 221.

 

At the close, the company commanded a market value of Rs 28,937 crore ($3.2 billion).

 

The IPO had garnered a modest 2.5x subscription, driven primarily by institutional investors, while the high-net-worth individual segment remained undersubscribed. 

 

How did Pine Labs perform compared to other new-age listings this week?

 

Pine Labs’ debut came amid a mixed week for new-age listings: eyewear retailer Lenskart Solutions disappointed on listing day, whereas Billionbrains Garage Ventures, the parent of investment platform Groww, surprised with gains of around 30 per cent. 

 

What does Pine Labs offer and how did it perform financially?

 

Backed by Mastercard and PayPal Holdings, Pine Labs offers merchant payment solutions such as point-of-sale terminals and merchant financing. In FY25, the company reported revenues of Rs 2,274 crore and a net loss of Rs 145 crore.

 

What were the key components of the IPO?

 

Pine Labs’ IPO comprised a fresh issue worth Rs 2,080 crore and an offer for sale of Rs 1,820 crore.

 

What is the market outlook for the company?

 

“On the back of a robust business model, going forward, we believe the company is well placed to deliver profitable growth,” said SBI Securities in a note. 

Sagility BV sells 16% stake for ₹3.6K cr 

Promoter entity Sagility BV on Friday sold 16.43 per cent stake in Sagility for ₹3,660 crore. It sold 769 million shares at ₹47.6 apiece. According to sources, the company upsized the share sale amid strong demand from marquee investors. Key buyers included Unifi Capital (₹1,050 crore), Société Générale (₹404 crore), Norges Bank (₹177 crore), ICICI Prudential MF (₹149 crore), and Morgan Stanley (₹132 crore). At the end of September 2025, Sagility BV 67.38 per cent in the company.

 

Dish TV settles Sebi case for ₹11.72 lakh 

Dish TV India has settled a regulatory case with the Securities and Exchange Board of India (Sebi) by paying ₹11.72 lakh to close adjudication proceedings related to its failure in obtaining shareholder approval for the continuation of former promoter-director Jawahar Lal Goel on its board. 

  The regulator had issued a show-cause notice to the company in January 2025 for violating Regulation 7(1C) of the Listing Obligations and Disclosure Requirements (LODR). The regulator noted that even after shareholders rejected Goel’s reappointment as managing director on June 24, 2022, he continued as a non-executive director until September 19, 2022, without mandatory prior shareholder approval.