India, Nov. 7 -- Fintech major Pine Labs' IPO saw a slow start, with the issue getting subscribed 9% in the first few hours of bidding on Day 1. As of 13:09 IST, the IPO received cumulative bids for 88.57 Lakh shares as against 9.78 Cr shares on offer.

Employees led the early participation, with the quota reserved for them oversubscribed 2.08X. They placed bids for 2.74 Lakh shares against 1.32 Lakh shares on offer.

Retail investors placed bids for 72.21 Lakh shares against 1.81 Cr shares reserved for them, translating to 40% subscription.

The non-institutional investors' category received just 5% subscription, receiving bids for 12.46 Lakh shares against 2.71 Cr shares available for bidding.

Qualified institutional buyers didn't plac...