Fintech major Pine Labs’ ₹3,900 crore initial public offering (IPO) received robust demand from institutional investors, with the issue subscribed 2.5 times overall by the close of bidding on Monday.

According to exchange data, the qualified institutional buyers’ (QIB) portion was subscribed nearly 4 times, while the retail category saw a modest 1.2 times subscription. Non-institutional investors, including high-net-worth individuals, bid for around 0.3 times their allotted quota.

The IPO comprised a fresh issue of ₹2,080 crore and an offer for sale of ₹1,820 crore. At the upper end of the price band of ₹221 per share, the company commands a valuation of about ₹25,377 crore (approximately $2.9 billion).

Despite the strong institutional response, retail participation remained subdued ami

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