Pine Labs IPO
Pine Labs Limited (PINELABS) · mainboard IPO on NSE and BSE · 100% Book Building. Listed on 14 November 2025.
Issue details
Listing day
Back-tested estimate (from a model that had only seen earlier years' IPOs): listing gain +0.3% (likely range -2% to +1%), day's high +14.7%, chance of a gain 50%. Actual: +9.5% at the open, +28.5% at the high.
Subscription status
| Category | Shares offered | Shares bid for | Subscribed | |
|---|---|---|---|---|
| QIB (institutions) | 5,24,42,127 | 20,97,92,544 | 4.00x | |
| NII (HNI) total | 2,71,91,602 | 80,30,754 | 0.30x | |
| Big NII (above ₹10 lakh) | 1,81,27,735 | 43,66,323 | 0.24x | |
| Small NII (₹2-10 lakh) | 90,63,867 | 36,64,431 | 0.40x | |
| Retail | 1,81,27,735 | 2,21,42,830 | 1.22x | |
| Employees | 1,32,275 | 9,72,706 | 7.35x | |
| Total | 9,78,93,739 | 24,09,38,834 | 2.46x |
Bids on NSE and BSE together, as published by NSE, as of 11 Nov 2025, 07:00 PM. Shares offered exclude the anchor portion. 8% of all shares bid for were at the cut-off price.
Past IPOs with similar demand
Earlier mainboard IPOs whose QIB, NII and retail subscription and size were closest to Pine Labs's, and how they listed.
| IPO | QIB | NII | Retail | Total | Size | Listing gain | Day high |
|---|---|---|---|---|---|---|---|
| Sona BLW Precision ForgingsJun 2021 | 3.46x | 0.39x | 1.57x | 2.28x | ₹5,667 Cr | +3.4% | +24.1% |
| KFin TechnologiesDec 2022 | 4.17x | 0.23x | 1.36x | 2.59x | ₹1,582 Cr | +0.3% | +1.9% |
| BlueStone Jewellery and LifestyleAug 2025 | 4.28x | 0.55x | 1.35x | 2.70x | ₹1,541 Cr | -1.4% | +9.1% |
| DelhiveryMay 2022 | 2.66x | 0.30x | 0.57x | 1.63x | ₹5,519 Cr | +1.7% | +16.8% |
| Juniper HotelsFeb 2024 | 2.96x | 0.85x | 1.28x | 2.08x | ₹1,895 Cr | +1.4% | +11.5% |
| Dr. Agarwal's Health CareJan 2025 | 4.64x | 0.40x | 0.41x | 1.55x | ₹3,027 Cr | 0.0% | +2.7% |
Lead managers and their listing record
| Book running lead manager | Mainboard IPOs since 2019 | Avg listing gain | Listed at a premium |
|---|---|---|---|
| Axis Capital | 107 | +20.4% | 73% |
| Morgan Stanley India Company | 24 | +13.9% | 67% |
| Citigroup Global Markets India | 35 | +14.2% | 63% |
| J.P. Morgan India | 27 | +17.4% | 74% |
| Jefferies India | 26 | +19.5% | 81% |
Offer documents (NSE)
Frequently asked
What is the Pine Labs IPO price band and lot size? ₹210–221 per share, with a lot of 67 shares, so the smallest retail bid is ₹14,807.
How many times has it been subscribed? 2.46x overall: QIB 4.00x, NII 0.30x, retail 1.22x, employees 7.35x.
How did it list? It opened at ₹242, +9.5% against the issue price of ₹221, and closed its first day +13.5%.
