Fintech major Pine Labs made a strong market debut on Friday, with shares rising 14 per cent over its issue price despite a lukewarm response to its Rs 3,900-crore IPO.
 
The stock listed at a premium and climbed as much as 28.5 per cent to Rs 284 during intraday trade, before settling at Rs 252, up Rs 31 from the issue price of Rs 221.
 
At the close, the company commanded a market value of Rs 28,937 crore ($3.2 billion).

The IPO had garnered a modest 2.5x subscription, driven primarily by institutional investors, while the high-net-worth individual segment remained undersubscribed.

Pine Labs’ debut came amid a mixed week for new-age listings: eyewear retailer Lenskart Solutions disappointed on listing day, whereas Billionbrains Garage Ventures, the parent of investment platform Groww, surprised with gains of around 30 per cent.

Backed by Mastercard and PayPal Holdings, Pine Labs offers merchant payment solutions such as point-of-sale terminals and merchant financing. In FY25, the company reported revenues of Rs 2,274 crore and a net loss of Rs 145 crore.