The initial public offering of fintech firm Pine Labs Ltd was subscribed 1.52 times so far on the closing day of bidding.
At 2.18 pm on the final day, qualified institutional buyers (QIBs) had bid 2.32 times, non-institutional investors (NIIs) were at 0.22 times, and the retail portion saw subscriptions of 1.11 times.
The employee portion, meanwhile, was booked at 6.41 times.
The ₹3,900 crore issue comprises of a fresh issue of shares worth ₹2,080 crore and an offer for sale (OFS) of over 8.23 crore equity shares, valuing ₹1,819.9 crore at the upper end, by existing shareholders.
The price band has been set at ₹210 to ₹221 per equity share, with a market lot size of 67 shares and multiples thereof.
Ahead of the IPO, the company mobilsed ₹1,754 crore from anchor investors.
The investors’ allotment is expected on November 12, with listing scheduled for November 14, 2025, on both the National Stock Exchange of India Ltd (NSE) and the BSE Ltd.
Market sentiment on the listing view remains positive, with analysts pointing to Pine Labs’ strong position in the payments and merchant commerce ecosystem, and expecting a firm listing given the oversubscription in key categories.
EMMVEE Photovoltaic Power and PhysicsWallah IPOs see tepid demand on day 1
Two mainboard IPOs that opened today – EMMVEE Photovoltaic Power and PhysicsWallah – witnessed tepid overall demand, led mainly by retail investors demand.
EMMVEE Photovoltaic Power IPO fetched 0.07 times subscription at 2.27 pm on day one of bidding. Retail demand led with 0.27 times subscription, NIIs booked 0.03 times and QIBs 0.02 times. has a price band of 205-217 per share, and a lot size of 69 shares. It comprises of a fresh share sale of ₹2,143.86 crore and an offer for sale of 3.48 crore shares by two promoters – Manjunatha Donthi Venkatarathnaiah and Shubha Manjunatha Donthi.
garnered 0.06 times subscription as of 2.30 pm on day 1. Retail portion was subscribed 0.27 times and NIIs were tepid at 0.02 times. QIBs were nil at the time of writing. Employee portion was booked 0.86 times.The ₹3,480 crore issue comprises of fresh issue of 28.44 crore shares for ₹3,100 crore and an offer for sale (OFS) of 3.49 crore shares. It has a price band of ₹103-109 per share, with a lot size of 137 shares.
These two IPOs will conclude on November 13, 2025.