The initial public offering (IPO) of fintech major Pine Labs, which opened for subscription on November 7, has seen a muted response from investors, managing to cross the halfway mark on the third and final day of bidding.

As of around 11 am on Tuesday, November 11, the IPO received bids for 5.55 crore shares against the 9.78 crore shares on offer, translating into a subscription of 0.57 times, according to data available on the National Stock Exchange (NSE).

The issue has witnessed the strongest demand from retail investors, who have subscribed to 0.98 times their reserved portion, followed by Qualified Institutional Buyers (QIBs) at 0.64 times.

The Non-Institutional Investor (NII) category, however, has seen a tepid response, receiving bids for only 0.14 times its allotted quota so

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