Pine Labs IPO Day 2: Subscribed 0.55 Times; Expected Listing Gain Below 1%; Should You Bid/Avoid?

The Pine Labs IPO received moderate investor response on the second day of subscription, November 10. The fintech major's grey market premium (GMP) stood at Rs. 2, indicating muted listing expectations of just 0.90%.

By the end of the second day, the Pine Labs IPO was subscribed 0.55 times overall, as per data on the stock exchanges. The retail portion was subscribed 0.91 times, indicating near-full participation from small investors. The QIB segment (excluding anchor investors) saw 0.63 times subscription, while the NII category was subscribed only 0.12 times.Since the issue is closing tomorrow, November 11, more participation from institutional investors may be seen on the final day.

Pine Labs IPO Details

The Pine Labs IPO is a book-built issue worth Rs. 3,899.91 crore, consisting of a fresh issue of 9.41 crore shares aggregating to Rs. 2,080 crore, and an offer for sale (OFS) of 8.23 crore shares aggregating to Rs. 1,819.91 crore. The Pine Labs IPO price band has been fixed between Rs. 210 and Rs. 221 per share, with a lot size of 67 shares.The IPO allotment is expected to be finalized on November 12, and the stock is likely to list on the BSE and NSE on November 14th

Analyst View: Should You Bid/Avoid?

According to IDBI Capital, the Pine Labs IPO is worth considering for long-term investors. The brokerage in its report said, "As of June 30, 2025, the company served nearly 988,000 merchants, 716 consumer brands, and 177 financial institutions. Pine Labs has expanded organically and through acquisitions such as Qwikcilver, Mosambee, Setu, and Credit+. At the upper price band, the stock is trading at EV/Sales and EV/EBITDA multiples of 8.0x and 82.8x, respectively. We recommend 'Subscribe for Long Term' given the company's strong ecosystem and growth potential."

About Pine Labs Ltd

Pine Labs, one of India's leading fintech and digital payments companies, provides merchant commerce solutions and payment infrastructure to over 9.8 lakh merchants. The company caters to 716 consumer brands and enterprises and collaborates with 177 financial institutions, as of June 30. Over the years, Pine Labs has expanded both organically and through acquisitions, including key takeovers such as Qwikcilver (prepaid solutions), Mosambee (SME digitization), Setu (API infrastructure), and Credit+ (card issuance and processing).

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