Payment technology company Pine Labs, supported by PayPal and Mastercard, experienced a positive market reception on its IPO, closing 14% higher after reducing its valuation for the $440 million IPO.
The stock opened at ₹242, peaked at ₹284, and settled at ₹252, exceeding the issue price of ₹221. The company's market capitalization reached ₹289 billion (approximately $3.3 billion).
Pine Labs, founded in 1998, has grown beyond India and now operates in 20 markets. The company became profitable in the June quarter, reporting a net profit of ₹47.86 million (about $540,000). Revenue from operations rose 17.9% year-over-year to ₹6.16 billion (around $69 million).
Amrish Rau, CEO of Pine Labs, emphasized the company's continued startup mindset. The public listing included existing investors such as Peak XV Partners, Temasek Holdings, PayPal, and Mastercard selling portions of their holdings.
Pine Labs intends to expand its geographic presence and deepen its footprint in India with new products and services aimed at the growing consumer base.