Pine Labs IPO Subscription Status: IPO Fully Subscribed Ahead Of Close; QIB Portion Oversubscribed 3.96x

Mumbai, November 11, 2025: The initial public offering of Pine Labs Ltd for ₹3,899 crore saw a sharp increase in bidding on the last day of bidding, with overall subscription status at 2.48 times as of 3:59 PM Tuesday, led by strong demand from institutional investors. The issue, which closes at 5 PM today, has seen strong participation from the Qualified Institutional Buyers (QIB) category, while the retail and employee categories are fully subscribed.

Pine Labs Ltd is an Indian based company. It offers digital payment issuing and merchant commerce solutions in India, Southeast Asia, and the Middle East. The company had a gross transaction value (GTV) of 11.4 trillion and transactions of 5.68 billion during FY25, with more than 988,000 merchants all over the world.

Subscribing By Category Of Investors

The overall IPO received a healthy response, being subscribed 2.48 times in total. Anchor investors fully subscribed to their quota with bids worth ₹1,753.83 crore, while Qualified Institutional Buyers (QIBs) led the demand with a 3.96 times subscription status and bids totalling ₹4,634 crore, reflecting strong institutional confidence.

In contrast, retail investors subscribed 1.24 times, contributing around ₹481 crore, while employee participation was notably high at 7.55 times. However, Non-Institutional Investors (NIIs) showed limited interest, subscribing only 0.30 times, indicating a cautious stance among high-net-worth individuals.

Price-Wise Bidding Snapshot

The IPO witnessed strong demand across all price bands, with substantial bids even at the upper limit of ₹221 per share. This reflects investors’ strong confidence in the company’s valuation, solid fundamentals, and long-term growth prospects within its industry.

Subscription Momentum

By early morning, the IPO had achieved 56% subscription status, but momentum picked up sharply after noon, driven by substantial institutional inflows. The strong QIB participation mirrored the robust demand seen in recent high-profile fintech listings, underscoring solid institutional interest in the offering.

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