Pine Labs IPO Subscription Status
Pine Labs IPO closed on 11 November 2025 with an overall subscription of 2.48x based on shares applied. QIB demand came in at 3.97x, NII at 0.30x, and retail at 1.26x.
Allotment will be finalised on 12 November 2025. The stock is scheduled to list on NSE and BSE on 14 November 2025.
Issue Price
Rs 221.00
GMP Today
Rs 5.00 (+2.26%)
Overall Subscription
2.48x
Issue Size
₹3,899.91 Cr
Allotment Date
12 Nov 2025
Listing Date
14 Nov 2025
Pine Labs IPO Subscription by Amount
Category-wise subscription based on amount applied at issue price Rs 221.00
| Category | Amount Offered | Amount Applied | Subscription |
|---|---|---|---|
| QIB | Rs 1,169.03 Cr | Rs 4,636.42 Cr | 3.97x |
| FII | - | Rs 1,921.21 Cr | - |
| DFI | - | Rs 295.41 Cr | - |
| Mutual Funds | - | Rs 2,397.06 Cr | - |
| Other | - | Rs 22.73 Cr | - |
| NII | Rs 584.57 Cr | Rs 177.48 Cr | 0.30x |
| bNII (above Rs 10L) | Rs 389.71 Cr | Rs 96.50 Cr | 0.25x |
| Corporate | - | Rs 7.69 Cr | - |
| Individual | - | Rs 85.36 Cr | - |
| Other | - | Rs 3.44 Cr | - |
| sNII (Rs 2L to Rs 10L) | Rs 194.86 Cr | Rs 80.98 Cr | 0.42x |
| Corporate | - | Rs 1.10 Cr | - |
| Individual | - | Rs 78.68 Cr | - |
| Other | - | Rs 1.20 Cr | - |
| Retail | Rs 389.71 Cr | Rs 489.36 Cr | 1.26x |
| Cut-off price | - | Rs 420.51 Cr | - |
| Fixed price | - | Rs 68.85 Cr | - |
| Employee | Rs 2.76 Cr | Rs 21.50 Cr | 7.78x |
| Cut-off price | - | Rs 16.44 Cr | - |
| Fixed price | - | Rs 5.06 Cr | - |
| Total | Rs 2,146.07 Cr | Rs 5,324.75 Cr | 2.48x |
Pine Labs IPO Subscription by Applications
Category-wise subscription based on applications received
| Category | Applications Offered | Applications Received | Subscription |
|---|---|---|---|
| QIB | 5,28,97,083 | 15,355 | 0.00x |
| FII | - | 37 | - |
| DFI | - | 14,251 | - |
| Mutual Funds | - | 33 | - |
| Other | - | 1,034 | - |
| NII | 28,200 | 3,749 | 0.13x |
| bNII (above Rs 10L) | 18,800 | 594 | 0.03x |
| Corporate | - | 28 | - |
| Individual | - | 532 | - |
| Other | - | 34 | - |
| sNII (Rs 2L to Rs 10L) | 9,400 | 3,155 | 0.34x |
| Corporate | - | 42 | - |
| Individual | - | 3,059 | - |
| Other | - | 54 | - |
| Retail | 2,63,196 | 2,25,367 | 0.86x |
| Cut-off price | - | 1,94,366 | - |
| Fixed price | - | 31,001 | - |
| Employee | 1,866 | 6,168 | 3.31x |
| Cut-off price | - | 5,503 | - |
| Fixed price | - | 665 | - |
| Total | 5,31,90,345 | 2,50,639 | 0.00x |
What Do These Subscription Numbers Mean?
A subscription of 2.48x by shares means the IPO received bids for 2 times the shares reserved. Allotment odds depend on application count in each category, not share volume.
Here is what each category number tells you:
QIB at 3.97x by shares: This is the strongest signal on the page. QIBs are institutional investors, mutual funds, foreign institutions, and banks. When they subscribe at 3.97x, it reflects serious institutional conviction.
NII at 0.13x by applications: NII includes high net worth individuals applying above Rs 2 lakh. Proportional allotment uses application subscription. bNII came in at 0.03x and sNII at 0.34x by applications.
null Retail allotment is done by lottery when oversubscribed.
At 3.31x subscription by applications, approximately 1 in 3 employee applicants can expect an allotment (~30% per application). Employee reservation uses the same lottery logic as retail when oversubscribed.
Pine Labs IPO Allotment Chances
Allotment odds below use application subscription (number of bids received), not share or amount subscribed.
Retail
- •Application subscription: 0.86x.
- •One application per PAN. Multiple eligible accounts in a household can improve overall family odds, not individual odds.
SHNI (Rs 2 lakh to Rs 10 lakh)
- •Application subscription: 0.34x.
BHNI (above Rs 10 lakh)
- •Application subscription: 0.03x.
Check the Pine Labs IPO Allotment Status page from 12 November 2025 for your allotment result.
Pine Labs IPO GMP After Subscription
GMP for Pine Labs IPO stands at Rs 5.00 today, giving an estimated listing price of Rs 226.00 per share.
The GMP has moved lower from Rs 60.00 on 1 Nov 2025 to Rs 6.00 on 12 Nov 2025.
A subscription of 2.48x combined with a GMP of 2.26% is a strong combination heading into listing. QIB demand above 50x in particular tends to support listing sentiment, as institutional investors are seen as informed buyers.
Track live GMP on the Pine Labs IPO GMP Today page or the IPOwiz Live IPO GMP Tracker.
Pine Labs IPO Day-wise Subscription
| Day | QIB | NII | Retail | Overall |
|---|---|---|---|---|
| Day 1 - 7 Nov 2025 | 0.02x | 0.07x | 0.57x | 0.13x |
| Day 2 - 10 Nov 2025 | 0.63x | 0.12x | 0.91x | 0.55x |
| Day 3 - 11 Nov 2025 | 3.97x | 0.30x | 1.27x | 2.48x |
Pine Labs IPO Key Dates
| Event | Date |
|---|---|
| IPO Open Date | 7 November 2025 |
| IPO Close Date | 11 November 2025 |
| Allotment Date | 12 November 2025 |
| Refund Initiation | 13 November 2025 |
| Share Credit to Demat | 13 November 2025 |
| Listing Date | 14 November 2025 |
| Minimum Investment | Rs 14,807.00 |
| Lot Size | 67 shares |
About Pine Labs IPO
Pine Labs is a leading merchant commerce and fintech platform in India, providing end-to-end payment, financing (BNPL/EMI), and customer engagement solutions through Smart POS terminals and online payment infrastructure. The company connects over 915,000 merchants and collaborates with major banks and consumer brands (like LG, Flipkart, Amazon Pay). Its offerings include integrated commerce solutions, merchant financing, and digital gift card/loyalty programs (via Qwikcilver).
Understanding Subscription Categories
QIB - Qualified Institutional Buyers
Includes foreign institutional investors, domestic financial institutions, mutual funds, and other qualified institutions. QIB demand is considered the most reliable indicator of institutional confidence in an IPO.
NII - Non-Institutional Investors
High net worth individuals applying above Rs 2 lakh. Divided into bNII (above Rs 10 lakh) and sNII (Rs 2 lakh to Rs 10 lakh). NII allotment is proportional.
Retail - Retail Individual Investors
Investors applying up to Rs 2 lakh per PAN. Allotment is by lottery when oversubscribed. Minimum one lot per successful applicant.
Pine Labs IPO Subscription FAQs
What is Pine Labs IPO IPO subscription status today?
Pine Labs IPO IPO subscription closed on 11 November 2025 with overall subscription of 2.48x (by shares) as of 27 June 2026, 2:01 AM IST. QIB 3.97x, NII 0.13x, Retail 0.86x.
What is the overall subscription of Pine Labs IPO IPO?
Pine Labs IPO IPO is subscribed 2.48x overall by shares at close on 11 November 2025. QIB 3.97x, NII 0.13x, and Retail 0.86x.
What is Pine Labs IPO IPO QIB subscription?
Pine Labs IPO IPO QIB (Qualified Institutional Buyers) subscription is 3.97x by shares. QIB includes mutual funds, FIIs, banks, and other institutions.
What is Pine Labs IPO IPO Retail subscription?
Pine Labs IPO IPO Retail subscription is 0.86x by applications. Minimum retail bid is up to Rs 2 lakh per PAN.
What is Pine Labs IPO IPO NII subscription?
Pine Labs IPO IPO NII (Non-Institutional Investors) subscription is 0.13x by applications. NII covers bids above Rs 2 lakh.
What are allotment chances in Pine Labs IPO IPO for retail?
Pine Labs IPO IPO retail share subscription is 1.26x. Application-wise data is needed for accurate lottery odds.
When is Pine Labs IPO IPO allotment date?
Pine Labs IPO IPO allotment date is 12 November 2025. Check Pine Labs IPO Allotment Status on IPOwiz from that day using your PAN.
When does Pine Labs IPO IPO subscription close?
Pine Labs IPO IPO subscription closed on 11 November 2025. No new applications are accepted after the close.
What is Pine Labs IPO IPO GMP today?
Pine Labs IPO IPO GMP is ₹5 today (+2.26% over issue price ₹221). See live GMP on the Pine Labs IPO GMP Today page.
What is Pine Labs IPO IPO issue price and lot size?
Pine Labs IPO IPO issue price is ₹221 per share. Lot size is 67 shares. Minimum investment is ₹14,807 per lot. Issue size: ₹3,899.91 Cr.
When is Pine Labs IPO IPO listing date?
Pine Labs IPO IPO listing date is 14 November 2025 on NSE and BSE. Allotment is on 12 November 2025.
How does subscription affect Pine Labs IPO IPO allotment?
Allotment odds in Pine Labs IPO IPO depend on application subscription in each category, not share volume. Retail uses lottery when oversubscribed. NII uses proportional allotment by applications. At 2.48x overall, competition is moderate.
For allotment results from 12 November 2025, visit the Pine Labs IPO Allotment Status page. For listing day updates on 14 November 2025, download the IPOwiz App.
Reviewed by Dinesh Agrawal
15+ years in Indian capital markets and IPO research. Subscription data verified before publish.