Pine Labs’ ₹3,900 crore initial public offering (IPO) entered its final day of bidding on November 11 with an overall subscription of 58% as of 11:50 AM. The issue includes a fresh share sale worth ₹2,080 crore and an offer for sale aggregating ₹1,819.91 crore. The price band has been fixed between ₹210 and ₹221 per share.
According to latest data, retail investors have fully subscribed their portion (1.02 times), while non-institutional investors (NIIs) have bid for 15% of their quota. Qualified institutional buyers (QIBs) have subscribed 64% of their allotted portion so far.
The grey market premium (GMP) for the IPO remains at ₹0, suggesting a flat listing around ₹221 per share — the upper end of the price band.
The Pine Labs IPO, which opened for subscription on November 7, saw a muted start, achieving only 7% overall subscription on Day 1, driven primarily by retail investors at 54%. However, participation has gradually picked up over the three-day window.
Brokerage views remain mixed. SBI Securities has issued a “Subscribe for long-term investment” rating, highlighting Pine Labs’ scalable business model, growing EBITDA, and diversified fintech ecosystem. Angel One, however, maintained a “Neutral” stance, citing rich valuations on an EV/EBITDA basis and ongoing net-level losses, while acknowledging the firm’s strong growth potential in India’s expanding digital payments market.
The company plans to utilize the IPO proceeds for repayment of ₹532 crore in borrowings, ₹60 crore investment in overseas subsidiaries, and ₹760 crore for upgrading IT systems, cloud infrastructure, and technology platforms. The balance will go toward general corporate purposes and potential acquisitions.
The IPO closes today, November 11. The allotment of shares is expected on November 12, with Pine Labs likely to list on both the BSE and NSE on November 14, 2025.
