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The company’s Rs 883 crore public issue, priced between Rs 144 and Rs 152 per share, was subscribed just 1.2 times.
The company's IPO, which opened last week, was subscribed over nine times overall.
The market regulator's nod for PhonePe's IPO comes in the wake of a slew of public offers by new age tech companies in India in the past months.
Pine Labs had steeply cut the size of the IPO amid profitability and valuation concerns.
