Pine Labs IPO ends with 58% subscription

Business Nov 11, 2025

Pine Labs, known for its payment solutions, saw its IPO end with just 58% subscription between November 7-11.
The offer included a fresh issue of ₹2,080 crore and shares sold by big names like Peak XV Partners, Macritchie Investments, Madison India, Mastercard, and PayPal.

Retail investors fully subscribed to their portion

Retail investors were the most enthusiastic—fully subscribing to their portion at 102%. Meanwhile, institutional interest was much lower.
The gray market premium stayed flat at ₹0, hinting at a likely listing price of ₹221 per share.
Experts called Pine Labs a promising fintech but flagged its high valuation; Angel One has maintained a "Neutral" stance.
Share allotment is set for November 12 and the stock lists on November 14.