Pine Labs’ IPO, aiming to raise ₹3,900 crores, has commenced with a mixed response from investors. The offering opened within a price band of ₹210–₹221 per share on November 7, 2025, and is set to close on November 11. As of the first day, the IPO has been subscribed 0.07 times, garnering over 67.9 lakh bids. Retail Individual Investors (RIIs) are leading this interest, with their segment subscribed at 0.32 times, while Non-Institutional Investors (NIIs) have seen bids filling just 0.03 times their quota. The employee category has shown strong engagement, being oversubscribed at 1.51 times, while Qualified Institutional Buyers (QIBs) have yet to participate.
Initial results indicated a slow start with bids for approximately 15.5 lakh shares at 10:09 AM, constituting 0.02 times the total issue size. Early interest was largely from the Retail Investor segment, comprising 0.07 times the total, while NIIs lagged behind with only 0.01 times.
As of 11:39 AM, Pine Labs’ IPO reported a total of 50.98 lakh shares bid by 10:51 AM, indicating a slight pickup in investor enthusiasm. The employee segment continues to dominate in subscriptions, reflecting the company’s internal support.
Pine Labs plans to allocate the IPO proceeds towards repaying ₹532 crores of its debt, enhancing its cloud and IT infrastructure, and facilitating international expansion through subsidiaries in Singapore, Malaysia, and the UAE.
The IPO has also benefitted from a strong anchor book, boasting participation from reputable investors including Morgan Stanley Asia and ICICI Prudential Life Insurance. A total of 7.93 crore shares were allotted at ₹221 per share in the anchor portion, boosting overall sentiment for the offering.
In summary, while initial subscriptions show varied interest levels, the engagement from retail and employee investors suggests a foundation for improved traction as the offering progresses. For further updates and analyses, readers can refer to BusinessLine.
