IPO allocation Pine Labs: this is how you can check the status of Kfin Technologies and BSE while the GMP remains the same

Digital payments company Pine Labs will today finalize share allotment for its Rs 3,890 crore IPO after a muted response from investors. The stock will list on both the BSE and NSE on Friday, with the gray market premium (GMP) now standing at around Rs 1, or about 0.45% above the issue price, indicating subdued listing expectations.How to Check Allotment Status: Investors who have signed up for the Pine Labs IPO can check their allotment status once it is completed by following these steps

Visit the registrar’s website (https://kfintech.com)Choose “IPO Allocation Status”

Select Pine Labs Ltd from the drop-down menu.

Enter the application number, PAN number or DP/Client ID. Send to view status. Investors can also check their status on the BSE website

Visit (https://www.bseindia.com/investors/appli_check.aspx)

Select ‘Equity’, choose Groww IPO and enter the PAN or application number.

Allotted shares will appear in your demat account by November 13, while refunds for unallocated shares will also be made on the same day.

IPO overview and subscription response

The Pine Labs IPO was a book-built issue worth Rs 3,899.91 crore, comprising a fresh issue of Rs 2,080 crore and an offer for sale (OFS) of Rs 1,819.91 crore. The company had set a price range of Rs 210-221 per share.

The IPO was subscribed a total of 2.48 times, mainly due to institutional demand. The Qualified Institutional Buyers (QIB) category was subscribed 3.97 times, while private investors bid 1.27 times their quota. However, the non-institutional investor (NII) segment saw a weaker response of 0.30 times.

Pine Labs had raised Rs 1,753.8 crore from key investors before the opening of the issue, with participation from leading global and domestic funds.

List outlook and GMP trend

Despite strong institutional participation, market sentiment surrounding Pine Labs’ listing remains cautious. The GMP has fallen to Rs 1, indicating that the stock is expected to trade near flat or have only marginal upside against the issue price of Rs 221.

Analysts say the moderate premium reflects investors’ caution about valuation and profitability. Although the company posted a 57% increase in after-tax profit in FY25, it has only recently become profitable after years of losses.

Brokers remain mixed on Pine Labs’ short-term prospects. Some see strong long-term potential, while others view the valuation as aggressive.

About the company

Founded in 1998, Pine Labs is one of India’s leading merchant commerce platforms, offering point-of-sale (POS) solutions, payment processing and merchant financing. The ecosystem connects over 9.8 lakh merchants, 716 brands and 177 financial institutions in India and abroad.

The company offers a range of solutions including smart POS devices, buy-now-pay-later (BNPL) options, merchant loans, loyalty and gift card programs, and e-commerce payment tools. Its key customers include HDFC Bank, Axis Bank, ICICI Bank, Amazon Pay, Flipkart and LG Electronics.

In FY25, Pine Labs reported total income of Rs 2,327 crore, up 28% year-on-year, and PAT of Rs 4.79 crore, marking a turnaround from losses of Rs 145 crore in FY24. EBITDA margins improved to 15.68% over the same period.

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