Daijiworld Media Network - Mumbai

Mumbai, Nov 11: The initial public offering (IPO) of Pine Labs Ltd. was subscribed 57% as of Tuesday morning, the final day of bidding. The fintech firm’s IPO, which opened on November 7, had seen 13% subscription on Day 1 and 54% by the end of Day 2.

According to data available till 10:39 a.m., the Qualified Institutional Buyers (QIBs) portion was subscribed 0.64 times, the Non-Institutional Investors (NIIs) segment 0.14 times, while Retail Individual Investors almost fully subscribed their portion at 0.97 times. The employee quota saw strong demand, being subscribed 5.35 times.

Pine Labs’ Rs 3,899.91 crore IPO is a book-built issue, comprising a fresh issue of shares worth Rs 2,080 crore and an offer for sale (OFS) of Rs 1,819.91 crore. The price band for the issue has been fixed at Rs 210–221 per share, with a lot size of 67 shares, requiring a minimum investment of Rs 14,807 for retail investors.

For small non-institutional investors (sNIIs), the minimum bid is 14 lots (938 shares) worth Rs 2,07,298, while for big NIIs (bNIIs), it is 68 lots (4,556 shares) valued at Rs 10,06,876.

The IPO closes today (Nov 11). The share allotment is expected to be finalised on Nov 12, with refunds and demat credits likely on Nov 13. Pine Labs shares are tentatively scheduled to list on the BSE and NSE on Nov 14 (Friday).

Axis Capital Ltd. is the book-running lead manager, while Kfin Technologies Ltd. serves as the registrar for the issue.

Meanwhile, in the grey market, Pine Labs is commanding a premium of Rs 2 per share, indicating a listing price of around Rs 223, or a listing gain of 0.9%, according to data from Investorsgain as of 4 p.m. Monday.