The shares of Pine Labs are set to make their much-awaited market debut tomorrow, on November 14. The Rs 3,900-crore IPO of the company was subscribed nearly 2.5 times its offer size between November 7 and November 11.

Despite being subscribed more than two times its offer size, with retail investors fully booking their reserved portion, the grey market estimates for the IPO signal towards a tepid listing.

Pine Labs IPO GMP

Ahead of listing, the shares of the company were trading with nearly three percent grey market premium (GMP) over the IPO price, according to data on Investorgain. The GMP has increased from the 0.45 percent quoted by the site on the day the IPO closed for public bidding, but is less than the 16 percent quoted earlier this month.

According to IPO Watch, the shares

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