Bolivian riot police clashed with anti-government protesters in La Paz on Friday (May 22, 2026) for the second time in a week as unions and Indigenous groups pressed their calls for President Rodrigo Paz to step down. Demands for the business-friendly conservative to resign have persisted despite
A fire broke out at an oil depot in the southern Russian port of Novorossiysk following a Ukrainian drone attack, the city's mayor said on Saturday (May 23, 2026). "As a result of falling UAV (unmanned aerial vehicle) debris, a fire broke out at the oil depot
A newt dawn: Wknd talks to Whitley awardee Barkha Subba about her fight for salamandersThey walked among the dinosaurs. Now, they are in danger. There may be only 5,000 Himalayan salamanders left in the wild in India, Subba says. Published on: May 23
Indian woman praises China’s cleanliness, questions civic sense in India: ‘You won’t find a single wrapper’An Indian woman said China’s cleanliness proved civic sense mattered more than population. Published on: May 23, 2026 2:03 PM IST By Mahipal Singh Chouhan Share via Copy link An
Nita Ambani left in splits as student slips Mumbai Indians joke into DAIS graduation speechA Mumbai Indians joke cracked by the head boy of the DAIS' 2026 graduating class left the entire auditorium, including Nita Ambani, laughing. Published on: May 23
Pine Labs IPO Day 3: Issue Gets 2.48x Subscription, Retail Quota Booked 1.27x; GMP At Zero
Pine Labs IPO Day 3: Issue Gets 2.48x Subscription, Retail Quota Booked 1.27x; GMP At Zero
Pine Labs IPO Day 3 GMP, Subscription Status, Price, Allotment & Listing Date: Fintech firm Pine Labs witnessed the last day of its Rs 3,899.91-crore initial public offering (IPO). The IPO, whose price was fixed at Rs 210-221 apiece, has been today, November 11, at 5 pm. The IPO received a 2.48x subscription on Day 3, 13 per cent subscription on the first day of bidding on Friday and 55 per cent on Day 2 on Monday.
However, its grey market premium has further fallen to nil, compared with 1.81% on Monday.
The company raised Rs 1,754 crore from anchor investors on Thursday, a day before the IPO.
The anchor book saw participation from 71 funds, including Franklin Templeton, Nomura, Morgan Stanley Asia Singapore Pte Ltd, Amundi Funds New Silk Road, Massachusetts Institute of Technology, BNP Paribas and Eastspring Investments, according to a circular uploaded on BSE's website.
According to market observers, unlisted shares of Pine Labs are currently trading at Rs 221 apiece in the grey market, which is zero premium (or GMP) over the upper IPO price of Rs 221, indicating flat or negative listing for the company.
The GMP was Rs 5.43% on Friday and nearly 16% a few days ago.
The GMP is based on market sentiments and keeps changing. ‘Grey market premium' indicates investors' readiness to pay more than the issue price.
The IPO was opened on November 7 and will be closed on November 11. Its allotment will be finalised on November 12, while the stock listing is scheduled to take place on November 14 on both BSE and NSE.
Brokerages have given a mixed response to the Pine Labs IPO, with views split between long-term optimism and near-term caution. While some see strong potential in its business model, others find the valuation steep given its loss-making status.
Cautious Voices
Arihant Capital advised investors to avoid the issue, citing losses at the PAT level and high employee and technology costs. Swastika Investmart also suggested avoiding the IPO for now, calling it “aggressively valued” with limited short-term visibility. Angel One rated it neutral, noting that the company remains loss-making and trades at a premium to peers on an EV/EBITDA basis, while warning of risks like regulatory uncertainty and intense competition.
Long-Term Optimism
On the other hand, SBI Securities gave a ‘subscribe for long-term' rating, citing Pine Labs' strong network of 9.8 lakh merchants and Rs 276 trillion market opportunity by FY29. It said the firm is well placed to deliver profitable growth. IDBI Capital also recommended ‘subscribe for long-term', highlighting Pine Labs' Rs 11,424.97 billion transaction volume in FY25 and its strategic acquisitions that strengthen its digital infrastructure ecosystem.
Retail: 1.27x
Non-institutional investors: 0.30x
Qualified institutional buyers: 3.97x
Total: 2.48x
The grey market premium (GMP) remains zero.
Retail: 1.27x
Non-institutional investors: 0.30x
Qualified institutional buyers: 3.97x
Total: 2.48x
The grey market premium (GMP) remains zero.
Retail: 1.22x
Non-institutional investors: 0.30x
Qualified institutional buyers: 3.96x
Total: 2.47x
The grey market premium (GMP) remains zero.
Retail: 1.14x
Non-institutional investors: 0.22x
Qualified institutional buyers: 1.96x
Total: 1.34x
The grey market premium (GMP) stands at zero.
The lot size of the Pine Labs IPO for an application is 67. The minimum amount of investment required by a retail is Rs 14,807 (67 shares), based on the upper price. The lot size investment for small NII is 14 lots (938 shares), amounting to Rs 2,07,298, and for big NII, it is 68 lots (4,556 shares), amounting to Rs 10,06,876.
Retail: 1.11x
Non-institutional investors: 0.17x
Qualified institutional buyers: 1.41x
Total: 1.02x
The grey market premium has fallen to zero, which is lower than the Rs 2 GMP yesterday and the Rs 12 GMP recorded on the first day of bidding on Friday. The price band of the IPO is Rs 210-Rs 221.
Retail: 1.09x
Non-institutional investors: 0.17x
Qualified institutional buyers: 0.88x
Total: 0.73x
The grey market premium has fallen to nil, which is lower than the Rs 2 GMP yesterday and the Rs 12 GMP recorded on the first day of bidding on Friday. The price band of the IPO is Rs 210-Rs 221.
Brokerage firm Angel One in its IPO note said that at the upper price band of Rs 221 per share, the company's valuation cannot be meaningfully assessed on a P/E basis as it remains loss-making at the net level. On an EV/EBITDA basis, it is trading at a premium to listed peers, which raises some valuation concerns despite the strong sectoral and company outlook. Therefore, Angel One has assigned a “Neutral” rating to the issue for investors with a medium- to long-term horizon. The brokerage also highlighted key risks, including dependence on merchant and financial partners, intense competition in the fintech space, cybersecurity and technology upgrade challenges, as well as regulatory uncertainties across markets.
The IPO consists both fresh issue worth Rs 2,080 crore and offer-for-sale (OFS) of 8.23 crore equity shares. Previously, the issue had an offer-for-sale of 14.78 crore equity shares.
Peak XV Partners, Macritchie Investments, Madison India, Mastercard Inc, PayPal Inc, AIM Investment Funds, and Actis Pine Labs Investment Holdings are selling their shares via the issue.
At the upper price band, the valuation of Pine Labs has touched Rs 25,377 crore.
The retail quota of the Pine Labs IPO has been fully subscribed. Here's the subscription status, till 11:00 am:
Retail: 1.02x
Non-institutional investors: 0.14x
Qualified institutional buyers: 0.63x
Total: 0.57x
The grey market premium has fallen to nil, which is lower than the Rs 2 GMP yesterday and the Rs 12 GMP recorded on the first day of bidding on Friday. The price band of the IPO is Rs 210-Rs 221.
Pine Labs turned profitable this quarter to report at Rs 4.78 crore for Q1FY26 after a string of losses. However, the fintech received a tax credit of Rs 9.63 crore because of losses.
FY25 still shows a loss of Rs 145.49 crore, but it's smaller than FY24's Rs 341.90 crore.
The company reported a total income of Rs 653.07 crore. However, its total expenses stood at Rs 657.86 crore for the June 2025 quarter.
SBI Securities assigned a ‘subscribe for long-term' rating, highlighting Pine Labs' strong network of 9.8 lakh merchants, 716 consumer brands, and 177 financial institutions across India and abroad. It said the firm is well placed to capitalise on the Rs 276 trillion market opportunity by FY29, with IPO proceeds being used partly to repay Rs 532 crore of debt. “We believe the company is well placed to deliver profitable growth going forward,” SBI Securities said.
The Pine Labs IPO will be closed today at 5:00 pm, and the allotment is expected to be finalised tomorrow in the evening.
Retail: 0.95x
Non-institutional investors: 0.13x
Qualified institutional buyers: 0.63x
Total: 0.56x
The grey market premium has fallen to nil, which is lower than the Rs 2 GMP yesterday and the Rs 12 GMP recorded on the first day of bidding on Friday. The price band of the IPO is Rs 210-Rs 221.
Source: News18
Related Posts: IPO GMP, Allotment Status Today Live Updates Pine Labs IPO sails through Pine Labs IPO listing tomorrow Groww IPO GMP Falls 75% Ahead Of Allotment PNB to close THESE accounts after 15 April 2026 -- Is your A/c in the list Meesho IPO vs Vidya Wires IPO vs Aequs IPO — what GMP signals about these IPOs Pine Labs Q2 Results Pine Labs receives GST tax demand of Rs 37 Infosys, ONGC, Pine Labs, JSW Steel, IndiGo, Tata Capital, And Others Peak XV’s early Pine Labs bet lands $1 billion+ in likely gains
Rajya Sabha MP Raghav Chadha, who switched from the AAP to the BJP recently, has been appointed as the new chairman of the Committee on Petitions of the Upper House. After reconstituting the Committee on Petitions, Rajya Sabha chairman C.P. Radhakrishnan nominated 10 members of the house to the
5 hours ago
Mumbai, India’s gold demand is expected to contract by 50-60 tonnes this calendar year, around 10 per cent lower than the previous year, following the import duty hike, according to the World Gold Council (WGC). “Looking at 2026 as a whole, we estimate that combined jewellery and bar and coin
5 hours ago
India has issued a heightened health advisory for travellers arriving from several African nations after a fresh Ebola outbreak triggered global concern and prompted stricter surveillance measures worldwide. In response to a fresh Ebola outbreak in the Democratic Republic of Congo
5 hours ago
Elon Musk is going all-in on an unproven technologyWhat lies behind the world’s biggest public offering Published on: May 23, 2026 2:24 PM IST The Economist Share via Copy link IT IS A launch of a more bureaucratic sort than normal for SpaceX, but still characteristically spectacular. On May 20th
5 hours ago
Fisherman M Yuvaraj bustles about his fibreboat, filling fuel in the engine, and checking if everything is in order. He even throws in an umbrella in case it rains. It is almost 4pm when he pushes his boat close to the bank of Pulicat lake. The 57-year-old is not setting out on a fishing trip
5 hours ago
Kerala HM announces 'Operation Toofan' anti-narcotics campaignKerala HM announces 'Operation Toofan' anti-narcotics campaign Published on: May 23, 2026 2:24 PM IST PTI Share via Copy link Thiruvananthapuram, Kerala Home Minister Ramesh Chennithala on Saturday announced a comprehensive statewide
5 hours ago
Mamata’s Lakshmir Bhandar gave Bengal women Rs 1,000 to Rs 1,700 a month based on category. Adhikari’s Annapurna Yojana scraps the categories and doubles it to a flat Rs 3,000. Bengal has a new scheme that is putting real money directly into women’s hands every month — and it is bigger than
5 hours ago
Leadership in Civil Engineering and Construction Management is not born in air-conditioned classrooms. It is shaped under the open sky, amid dust, deadlines, drawings, and decisions. For students aspiring to become civil engineers and construction managers
5 hours ago
French Open crisis deepens as top stars limit media duties in coordinated protest over revenue splitWomen's singles defending champion Coco Gauff answered only 10 questions in her pre-tournament press conference. Published on: May 23, 2026 2:32 PM IST Written by Neelav Chakravarti Share via Copy
5 hours ago
Chopper crash near Leh: Injured major general poses, pilot flashes 'victory' sign in viral selfieAn Army Cheetah chopper crashed near Leh in eastern Ladakh last week. An image from the crash site is now viral. Updated on: May 23, 2026 2:36 PM IST By Rahul Singh Share via Copy link Three days after
5 hours ago
Kolkata Knight Riders and Delhi Capitals face off in a crucial IPL clash, with playoff hopes hanging by a thread. Both teams need a win, but their fate also depends on other results. KKR's strong recovery contrasts with DC's reliance on KL Rahul
5 hours ago
Some of the most useful lessons I learnt as a young restaurateur came from New York restaurateur Danny Meyer’s book Setting the Table. He writes beautifully about the guest who comes in alone. Most diners come in with an agenda — to impress a date, close a deal
5 hours ago
The Union government told the Supreme Court on Friday that 217 Indian nationals had joined the Russian military during the war in Ukraine, of whom 139 have been released from their contractual agreements, The Hindu reported. Additional Solicitor General Aishwarya Bhati told a bench headed by Chief
5 hours ago
Hamza Burhan, a key operative linked to the Pakistan-backed terror outfit Al-Badr, who also worked as an Over Ground Worker (OGW) during the Pulwama terror attack period, was killed in Pakistan-occupied Kashmir (PoK) on Thursday. Several wanted Pakistan-based terrorists
5 hours ago
Nothing says summer quite like a chilled, fruity mocktail. As temperatures continue to rise, refreshing drinks packed with tropical flavours, citrusy notes, and vibrant ingredients are becoming the perfect way to cool down. Whether you are hosting a weekend brunch, planning a house party
5 hours ago
Producer Vashu Bhagnani has lashed out at David Dhawan and his actor-son Varun Dhawan. On Friday, Vashu held a press conference in Mumbai and claimed that the storyline of Hai Jawani Toh Ishq Hona Hai is similar to Biwi No.1. Released in 1999
5 hours ago
Hyderabad, May 23 (PTI) A lawyer died after being hit by a car outside his residence here in a suspected case of pre-planned murder, police said on Saturday. The 63-year-old victim was about to get into his car when the car hit him at his residence at Masab Tank here.Hyderabad
5 hours ago
Raghav Chadha has been appointed the new chairman of the Committee on Petitions in the Rajya Sabha. The Rajya Sabha chairman reconstituted the committee and nominated ten members. This appointment takes effect from May 20, 2026. Dr. Menaka Guruswamy has also been nominated to the Joint Committee on
5 hours ago
Formula 1’s silly season has arrived early, and we have Red Bull Racing boss Laurent Mekies to thank for it. The Frenchman doubled down on his explosive claim that Max Verstappen’s long-time race engineer, Gianpiero Lambiase, is heading to McLaren to eventually become team principal
5 hours ago
The blue-collar town that’s set to decide Britain’s next Prime MinisterLabour left-winger Andy Burnham wants to replace Keir Starmer as prime minister. First, he must convince the Makerfield voters and fend off Reform UK. Published on: May 23
5 hours ago
Human beings are not just shaped by their actions, but they are also creatures of circumstance. This is especially true in the sporting world, where athletes’ performance not only depends on their quality but also on who the rivals are, their prevailing standards of excellence and the setting in
5 hours ago
Do you have greasy flakes on nose and scalp? Dermatologist explains what you are doing wrongSeborrheic dermatitis is a chronic skin condition that manifests in the form of greasy flakes on the nose and scalp. Dr Abigail Waldman shares what to do. Updated on: May 23
5 hours ago
Investors just can’t get enough of stocks these daysWar, inflation and worries about the AI boom haven’t kept stocks from setting records. Published on: May 23, 2026 2:27 PM IST WSJ Share via Copy link Investors just can’t get enough of stocks these days
5 hours ago
Fuel prices have surged for the third time in eight days. Congress leader Mallikarjun Kharge criticizes the government, accusing it of "looting" citizens. He highlights international examples where countries provided relief. India's petrol and diesel prices have increased by nearly Rs 5 per litre
5 hours ago
Ballia (UP), May 23 (PTI) A court here has sentenced a man to life imprisonment for murdering his wife and dumping her body in a pond in 2019 after the couple remained childless, police said on Saturday. According to the prosecution, Nepal Paswan
5 hours ago
Editorial independence is core to our work. Some links may earn us a commission, without influencing our opinions.Sharara sets are the ultimate festive trend for Eid al-Adha: Choose from these picks under ₹3000From pastel embroidered sets to regal Banarasi shararas
8 hours ago
Tulsi Gabbard resigned as President Donald Trump’s director of national intelligence on Friday (May 22, 2026), saying she needed to step away as her husband battles cancer. She is the fourth Cabinet official to depart during Mr. Trump’s second term. In her resignation letter
8 hours ago
