The initial public offering (IPO) of fintech company Pine Labs Ltd was subscribed 1.52 times on the closing day of bidding. As of 2:18 PM on the final day, qualified institutional buyers (QIBs) had participated at a rate of 2.32 times, while non-institutional investors (NIIs) subscribed at 0.22 times. The retail tranche saw subscriptions of 1.11 times, with the employee portion booked at a rate of 6.41 times.
The ₹3,900-crore issue includes a fresh issue of shares valued at ₹2,080 crore and an offer for sale (OFS) of over 8.23 crore equity shares, priced at ₹1,819.9 crore at the upper end. The price band for the shares is set between ₹210 and ₹221 per equity share, with a minimum market lot size of 67 shares. Ahead of the IPO, the company raised ₹1,754 crore from anchor investors.
Investors’ allotment is anticipated on November 12, with listing expected on November 14, 2025, on both the National Stock Exchange of India Ltd (NSE) and the Bombay Stock Exchange (BSE). Market sentiment regarding the listing remains positive, with analysts highlighting Pine Labs’ strong position in the payments and merchant commerce ecosystem and expecting a solid listing due to oversubscription in key segments.
In related news, two other mainboard IPOs—EMMVEE Photovoltaic Power and PhysicsWallah—experienced weak demand on the first day of bidding. As of 2:27 PM, the EMMVEE Photovoltaic Power IPO had a subscription rate of 0.07 times, led primarily by retail investor demand at 0.27 times, while NIIs and QIBs subscribed at rates of 0.03 times and 0.02 times, respectively. This ₹2,900-crore IPO has a price band of ₹205-217 per share and a lot size of 69 shares. It encompasses a fresh share sale of ₹2,143.86 crore and an OFS of 3.48 crore shares from promoters Manjunatha Donthi Venkatarathnaiah and Shubha Manjunatha Donthi.
The PhysicsWallah IPO garnered a subscription of 0.06 times by 2:30 PM on its opening day. The retail portion was subscribed at a rate of 0.27 times, with NIIs at 0.02 times and QIBs at nil during that timeframe. The employee portion was booked at 0.86 times. This ₹3,480-crore IPO includes a fresh issue of 28.44 crore shares worth ₹3,100 crore and an OFS of 3.49 crore shares, with a price band ranging from ₹103 to ₹109 per share and a lot size of 137 shares. Both IPOs are set to close on November 13, 2025.
Published on November 11, 2025.
