Pine Labs IPO Day 2: Check Subscription Status, Key Dates & Key Highlights

The initial public offering (IPO) of digital payments company Pine Labs Ltd has seen a measured start, as investors tread cautiously amid broader market volatility and valuation concerns.

The PayPal-backed firm had opened its initial public offering (IPO) through the book-building route, aiming to raise about Rs 3,899.9 crore. The issue comprises a fresh share sale worth Rs 2,080 crore, translating to 9.41 crore equity shares, along with an offer for sale (OFS) of 8.23 crore shares by existing investors, aggregating Rs 1,819.9 crore.

Subscription Status

By the end of Day 2, the issue was subscribed around 17%, indicating a tepid investor response so far. Data from exchanges showed that the retail investor category drew bids for about 25% of the shares, while qualified institutional buyers (QIBs) and non-institutional investors (NIIs) subscribed roughly 15% and 10%, respectively.

Grey market premium narrows

According to a market tracking website, the grey market premium (GMP) for Pine Labs stood at a marginal Rs 2 per share as of 3:02 PM on November 10, 2025. Based on the upper price band of Rs 221, the implied listing price is estimated at around Rs 223 per share, indicating a modest potential upside of roughly 0.9% over the issue price.

Also Read: Pine Labs IPO: Check Price Band, GMP & Key Details | Republic World

Price band, issue size and key dates

Pine Labs has set its price band at Rs 210–221 per share, valuing the company at approximately Rs 25,000 crore at the upper end. The IPO comprises a fresh issue of ₹2,080 crore and an offer for sale (OFS) worth Rs 1,820 crore by existing shareholders, including early backers such as Temasek and Sequoia Capital.

The offer opened on November 7 and will close on November 11. The basis of allotment is expected to be finalized on November 12, followed by refunds on November 13 and listing on November 14 on the BSE and NSE.

About Pine Labs

Founded in 1998, Pine Labs provides merchant commerce and digital payment solutions to more than 350,000 merchants across India and Southeast Asia. Its products include point-of-sale terminals, EMI-based consumer finance options, and buy-now-pay-later (BNPL) platforms. The company counts Mastercard, Temasek, and PayPal among its marquee investors.

Despite a cautious start, market participants expect institutional demand to pick up on the final day of bidding, which could determine the eventual success of the IPO.