Pine Labs IPO: NIIs Stay Away As Subscription Hits 250% On Final Day; GMP Declines
The Pine Labs IPO’s price band has been set between Rs 210 and Rs 221 per share.
Pine Labs Ltd. initial public offer was subscribed 2.46 times on the final day, but the NII portion remained under subscribed. The IPO was subscribed 54% on the second day and 13% times on the first day.
Pine Labs IPO is a book-built issue of Rs 3,899.91 crore. It comprises a fresh issue of 9.41 crore shares aggregating Rs 2,080 crore and an offer for sale (OFS) of 8.23 crore shares worth Rs 1,819.91 crore.
The IPO will remain open from Friday, Nov. 7 to Tuesday, Nov. 11. The allotment status is expected to be finalised on Wednesday, November 12, followed by the initiation of refunds and credit of shares to demat accounts on Thursday, November 13. Shares of Pine Labs are tentatively scheduled to list on the BSE and NSE on Friday, November 14.
The Pine Labs IPO’s price band has been set between Rs 210 and Rs 221 per share. The lot size for retail investors is 67 shares, requiring a minimum investment of Rs 14,807. For small non-institutional investors (sNII), the minimum application size is 14 lots (938 shares) worth Rs 2,07,298, while for big non-institutional investors (bNII), it is 68 lots (4,556 shares) amounting to Rs 10,06,876.
Axis Capital Ltd. is the book-running lead manager for the Pine Labs IPO, while Kfin Technologies Ltd. is the registrar for the issue.
Pine Labs Subscription Status
The Pine Labs IPO has been subscribed 2.46 times as of 7:00 p.m. on Tuesday.
Qualified Institutional Buyers (QIBs): 4 times
Non-Institutional Investors (NIIS): 0.30 times or 30%
Retail Individual Investors: 1.22 times
Employee reserved: 7.35 times
Pine Labs GMP Today
The grey market premium of Pine Labs Ltd. is Rs 1 as of 7:00 p.m. on Tuesday as per data on Investorsgain website. The GMP indicated a listing price of Rs 222 and a listing premium of 0.45%.
This saw a shrp decline from the rate of Rs 5 on the first day of the IPO opening for subscription.
Note: GMP does not represent official data and is based on speculation. GMP data sourced from InvestorGain.
