Categories: Business

Pine Labs IPO Day 2: Cautious Start, Employee Confidence Shines As Subscription Hits 13%

Pine Labs IPO saw a steady Day 2 with 13% overall subscription. While QIBs stayed quiet, employees showed strong confidence, oversubscribing their quota nearly three times ahead of the close.

Published by Aishwarya Samant
Published: November 10, 2025 10:35:51 IST

Pine Labs IPO Day 2: Slow But Steady Swipe On D-Street

The fintech buzz is real, but the pace? Still warming up!

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On Day 2, Pine Labs IPO clocked an overall 13% subscription, showing investors are cautiously testing the waters before the final push. Non-institutional investors (NIIs) have tapped in at 7%, while QIBs seem to be taking their sweet time at 2%, maybe saving their swipe for the last day.

The surprise champ? Employees! Their quota is already oversubscribed 2.96 times, proving those inside the house have serious faith in the fintech they helped build.

Pine Labs IPO Timeline And Price Band

Category	Details
IPO Open Date	November 7, 2025
IPO Close Date	November 11, 2025
Price Band	₹210 – ₹221 per share
Target Valuation	₹25,300+ crore
GMP (Grey Market Premium) Today	₹4
Anchor Investment	₹1,754 crore raised from marquee investors on November 6

Pine Labs IPO Allotment And Listing Dates (Tentative)

Event	Date
Basis of Allotment	November 12, 2025
Refunds Initiation	November 13, 2025
Shares Credited to Demat Accounts	November 13, 2025
Listing Date (BSE & NSE)	November 14, 2025

Pine Labs: Business Snapshot

Category	Details
Merchants Served (as of June 30, 2025)	9.88 lakh
Consumer Brands & Enterprises	716
Financial Institutions	177
Key Acquisitions	Qwikcilver, Mosambee, Setu, Credit+
Focus Areas	Payments, API infrastructure, SME digitization, prepaid and card solutions

Pine Labs IPO Issue Details

Total Issue Size: ₹3,899.9 crore
Fresh Issue: ₹2,080 crore
Offer for Sale (OFS): ₹1,819.9 crore (8.23 crore shares)
Use of Funds: Debt repayment, IT and cloud infrastructure, product development, and acquisitions

Pine Labs IPO GMP

The Pine Labs IPO grey market premium (GMP) stands at ₹4 today, indicating an estimated listing price of ₹225 per share, about 1.8% above the issue price.

The GMP has declined sharply from ₹60 in recent sessions, signaling subdued near-term sentiment despite the company’s strong fundamentals.

Lead Managers & Registrar For Pine Labs IPO

Lead Managers: Axis Capital, Morgan Stanley India, Citigroup Global Markets India, JP Morgan India, Jefferies India
Registrar: KFin Technologies
Offer for Sale (OFS) Participants Selling shareholders include:
- Peak XV Partners
- Actis (London)
- PayPal
- Mastercard Asia/Pacific
- Temasek (via Macritchie Investments)
- Invesco
- Madison India Capital
- MW XO Digital Finance Fund Holdco
- Lone Cascade LP
- Sofina Ventures S.A.
- Lokvir Kapoor (Co-founder of Pine Labs)

(With Inputs)

Also Read: Groww IPO Allotment Today: How To Check Status, Refund, And Listing Details

Aishwarya Samant

Aishwarya is a journalism graduate with over three years of experience thriving in the buzzing corporate media world. She’s got a knack for decoding business news, tracking the twists and turns of the stock market, covering the masala of the entertainment world, and sometimes her stories come with just the right sprinkle of political commentary. She has worked with several organizations, interned at ZEE and gained professional skills at TV9 and News24, And now is learning and writing at NewsX, she’s no stranger to the newsroom hustle. Her storytelling style is fast-paced, creative, and perfectly tailored to connect with both the platform and its audience. Moto: Approaching every story from the reader’s point of view, backing up her insights with solid facts.
Always bold with her opinions, she also never misses the chance to weave in expert voices, keeping things balanced and insightful. In short, Aishwarya brings a fresh, sharp, and fact-driven voice to every story she touches.

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