Pine Labs IPO listing today: Stock lists at 9.5% premium to issue price; check details

Pine Labs made a positive entry on the bourses on November 14, with its shares listing at Rs 242 apiece on the BSE, marking a 9.5 per cent premium over the issue price of Rs 221. The debut outperformed grey market expectations, which had pointed to a far more modest upside.

The fintech company’s IPO, open for subscription from November 7 to 11, saw healthy interest, closing with an overall subscription of 2.46 times, according to exchanges data. Allotments were finalised on November 12, and the stock has debuted on both exchanges—BSE and NSE—today.

Pine Labs had set its price band at Rs 210–221 per share, raising Rs 3,899.91 crore through a combination of fresh equity issuance and an offer for sale (OFS).

Ahead of listing, the grey market premium (GMP) had softened. Market participants noted that Pine Labs’ GMP dropped to Rs 5.5 per share, indicating that the stock was expected to list around Rs 226.5, a premium of just 2.5 per cent over the upper-end issue price.

The IPO seemed slightly on the higher side in terms of pricing — a view that was mirrored in the subscription trend. The employees’ quota saw the most robust demand at 7.7 times subscription, followed by qualified institutional buyers (excluding anchors) at 4 times, while other investor categories showed relatively subdued interest, said Prashanth Tapse, Senior Vice President (Research) at Mehta Equities.