India’s fintech infrastructure firm Pine Labs has kicked off its initial public offering (IPO) with a tepid response on Day 1, raising questions even as long-term prospects remain intact. The issue opened on 7 November 2025 and will run until 11 November.
According to market trackers, the ₹ 3,900 crore (approximately US$470 million) offering — comprising a fresh issue of ₹ 2,080 crore and an offer-for-sale of about ₹ 1,820 crore — received bids covering only around 9 % of the total issue size in the first day of subscription.
What the Numbers Say
By early afternoon on Day 1, the cumulative subscription ratio stood at roughly 0.09 times overall. In the retail individual investor (RII) portio
