Final hours! Pine Labs IPO closes today: Check latest subscription, GMP

Pine Labs IPO Day 3 update, subscription status: The three-day subscription window to bid for the initial public offering (IPO) of Indian merchant commerce platform Pine Labs is set to conclude today. The public issue, which opened for subscription on Friday, November 7, 2025, has received muted demand from investors, getting oversubscribed by only 1.62 times.

 

According to NSE data, the Pine Labs IPO received bids for 158.4 million shares against 97.9 million shares on offer as of 03:00 PM on November 11. This translates to an oversubscription of 1.62 times.

 

Among the investor categories, Qualified Institutional Buyers (QIBs) led the demand, with the portion reserved for them subscribed by 2.5 times. This was followed by retail investors, who oversubscribed their portion by 1.13 times. Participation from non-institutional investors (NIIs) was the lowest at 24 per cent.

Pine Labs IPO grey market premium (GMP) today

The tepid investor sentiment for the public offering was also reflected in the grey market, where the unlisted shares of the company were trading flat on the final day of subscription. Sources tracking grey market activity revealed that the company’s unlisted shares were exchanging hands at ₹221 per share, the upper end of the price band of ₹210 to ₹221 per share.

Pine Labs IPO details

Pine Labs IPO worth ₹3,899.9 crore comprises a fresh issue of 94.1 million equity shares aggregating to ₹2,080 crore and an Offer for Sale (OFS) of 82.3 million equity shares aggregating to ₹1,819.9 crore. The public offering is available at a price band of ₹210 to ₹221 per share, with a lot size of 67 shares.

 

Investors willing to invest in the Pine Labs IPO can bid for a minimum of 67 shares and in multiples thereof. A retail investor would require a minimum of ₹14,807 to bid for one lot (67 shares) and ₹1,92,491 to bid for the maximum of 13 lots (871 shares).

 

According to the RHP, the company plans to utilise the net fresh issue proceeds for debt repayment, investment in IT assets, cloud infrastructure, technology development, and procurement of digital checkout points. Additionally, the company will invest in Pine Labs subsidiaries, including Qwikcilver Singapore, Pine Payment Solutions Malaysia, and Pine Labs UAE, to expand the international footprint. 

Pine Labs IPO allotment date, listing date

As the public issue closes for subscription today, the basis of allotment of Pine Labs IPO shares is likely to be finalised on Wednesday, November 12. Successful allottees will receive the company’s shares in their demat accounts by November 13.

 

Shares of Pine Labs are slated to make their stock market debut on Friday, November 14, with listings on both the BSE and NSE.