New Delhi, Nov. 14 -- Shares of fintech firm Pine Labs were off to a solid start on Dalal Street despite a tepid response to its initial public offering (IPO) as they listed at a nearly 10% premium on the exchanges today, November 14.

Pine Labs' share price debuted at Rs.242 on the BSE and the National Stock Exchange, a premium of Rs.21 or 9.50% over the IPO price of Rs.221.

The listing defied expectations as the grey market premium (GMP) for Pine Labs was at Rs.5.5 apiece, signalling a listing pop of 2.5%.

PayPal-backed Pine Labs attracted just 2.46 times subscription on the final day of share sale on Tuesday, with the qualified institutional buyer (QIB) quota booked the most.

The QIB part fetched four times subscription, while the q...