Pine Labs IPO Day 3: Weak GMP, tepid subscription demand. Should you apply?
Fintech company Pine Labs is in the final day of its Rs 3,900 crore initial public offering (IPO), but investor enthusiasm appears to be waning. The issue, which closes today, has seen a lukewarm response so far. By the end of Day 2, the IPO was subscribed to only 54%, receiving bids for 5.31 crore shares against the 9.78 crore shares on offer.
In the grey market, sentiment remains subdued. The Pine Labs IPO is currently trading at a modest 1.36% premium, down from 1.81% earlier and 5% previously — a sign of fading investor enthusiasm. The company has set the price band at Rs 210–Rs 221 per share.
