Pine Labs falls 10% intraday, 31% from listing price on IPO lock-in expiry

Pine Labs shares are nearly 31 per cent below the listing price of ₹242 per share

Photo: Company website

SI Reporter New Delhi

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Shares of global fintech player Pine Labs came under pressure on Wednesday, May 13, slipping 10.97 per cent to ₹167.10 per share on the BSE amid expiry of the IPO lock-in period.

According to reports, around 923.6 million shares, representing nearly 80 per cent of the company’s outstanding equity, became eligible for trading following the end of the six-month shareholder lock-in period on Wednesday. The company had made its D-Street debut on November 14, 2025, after raising ₹3,900.17 crore through its initial public offering (IPO). At the current market price, Pine Labs shares are trading nearly 31 per cent below their listing price of ₹242 per share.

The counter continued to witness selling pressure during intra-day deals on Wednesday. At 11:28 AM, Pine Labs shares were trading at ₹168.85 apiece, down 10.4 per cent from the previous close of ₹187.70 per share. The benchmark BSE Sensex, meanwhile, was trading with a marginal loss of 4 points, or 0.01 per cent, at 74,555 levels.

So far during today’s trading session, a combined total of nearly 5.2 million equity shares of Pine Labs, estimated to be worth nearly ₹90 crore, changed hands on the NSE and BSE.

The fintech company’s market capitalisation stood at ₹19,400.13 crore on the BSE.

Pine Labs partners with GCash

In a separate development, Pine Labs announced that GCash for Business, backed by the largest cashless ecosystem in the Philippines, is partnering with the company. Pine Labs will power the next phase of merchant acquisition for GCash in the region.

“The partnership between GCash for Business and Pine Labs will integrate Instalment Payment Plan (IPP) offers, rewards, loyalty, and cashback features with the existing merchant acquiring solution of GCash. This tech-first integration will also support acceptance of multiple modes of digital payments, including card and QR payments, and is expected to provide MSMEs in the region with a smarter fintech infrastructure,” said the company in a release.

Commenting on the development, Dheeraj Chowdhry, chief business officer - Southeast Asia, at Pine Labs, said, “Through this collaboration with GCash, we are delivering high-performance software integrations, smarter payment flows, and powerful value-added services to help merchants in the Philippines scale their businesses. Our rapid deployment capabilities will improve merchant onboarding, engagement, and retention in the region."