Featured News Headlines
Pine Labs shares are set to debut on the Indian stock market today, 14 November 2025, following the completion of its initial public offering (IPO), which received relatively muted demand. The equity shares will be listed on both the BSE and NSE exchanges.
The IPO opened for subscription on 7 November 2025 and closed on 11 November 2025, with the allotment of shares finalized on 12 November 2025. With today’s listing, Pine Labs joins the BSE’s ‘B’ Group of securities.
Trading Schedule and Listing Details
According to a BSE notice, “Trading Members of the Exchange are hereby informed that effective from Friday, November 14, 2025, the equity shares of Pine Labs Limited shall be listed and admitted to dealings on the Exchange in the list of ‘B’ Group of Securities.”
The notice further highlighted that the shares will be part of the Special Pre-Open Session (SPOS), and trading will officially commence at 10:00 AM on Friday. Investors and market participants are watching the opening session closely to gauge how the stock will perform on its first day.
Grey Market Premium (GMP) Signals
Ahead of the official listing, trends in the grey market premium (GMP) are often used to estimate a stock’s listing price. For Pine Labs, the GMP today is reported to be modest, at ₹5.5 per share, indicating that in the grey market, shares are trading slightly above the IPO price.
Analysts interpret this as a sign of a muted debut, reflecting the tempered market response during the IPO subscription process.
Estimated Listing Price
Based on the GMP, the estimated listing price for Pine Labs shares is approximately ₹226.5 per share, representing a 2.5% premium over the IPO price of ₹221 per share.
Prashanth Tapse, Senior VP (Research) at Mehta Equities Ltd., noted, “Pine Labs IPO valuation was priced slightly on the higher side, and this was reflected in the overall subscription trend. Pine Labs shares are expected to open flat, given the lukewarm subscription momentum.”
This indicates that while there is slight optimism reflected in the grey market, expectations for significant gains on the first trading day remain limited.
IPO Subscription Overview
Pine Labs’ IPO featured a price band of ₹210–₹221 per share and was a mix of fresh issuance and an offer-for-sale (OFS). At the upper end of the band, the company raised a total of ₹3,899.91 crore, with ₹2,080 crore from a fresh issue of 9.41 crore shares, and ₹1,819.91 crore from an OFS of 8.23 crore shares.
Market Expectations for Listing Day
Market experts suggest that the muted response in subscription is a reflection of slightly higher valuations during the IPO. Despite this, Pine Labs’ shares are expected to trade in line with the grey market premium, likely opening at a small premium or close to the IPO price.
Investors will be observing key market signals during the SPOS session at 10:00 AM, which sets the tone for the stock’s first-day performance.
Pine Labs IPO in Context
Pine Labs, a prominent digital payments and fintech company, has attracted attention for its combination of retail-focused technology solutions and extensive merchant network. The IPO was closely watched as it is one of the largest tech IPOs in recent years, raising nearly ₹3,900 crore.
Despite the muted subscription trends, listing day performance will be closely analyzed as a benchmark for future Indian fintech IPOs. The IPO’s moderate reception is partly attributed to its pricing, which some analysts considered slightly aggressive given current market conditions.
