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Fintech major Pine Labs’ shares made a strong market debut on the bourses, listing 9.5% above the issue price at INR 242 apiece on the BSE as well as the NSE.
The issue price for the IPO was INR 221. The price band for the public issue was set at INR 210 to INR 221.
The fintech company’s shares rose further after listing and were trading at INR 248.75 on the BSE at 10:15 IST, up over 12.5% from the issue price and 2.8% from the listing price. The company’s market capitalisation stood at INR 28,477 Cr (about $3.2 Bn) at the time.
Pine Labs’s IPO comprised a fresh issue of up to INR 2,080 Cr and an OFS of up to 8.23 Cr shares. At the upper end of the price band, the total issue size stood at INR 3,900 Cr and the company’s valuation stood at INR 25,377 Cr.
The public issue was oversubscribed 2.46X. Investors including Peak XV Partners, Actis, Temasek, Madison India, Sofina Ventures, and Altimeter offloaded their stake via the OFS. Peak XV raked in 39.5X return from its share sale.
Founded in 1998 by Lokvir Kapoor, Tarun Upadhyay and Rajul Garg, Pine Labs offers digital payments solutions for merchants, consumer brands and enterprises in India and overseas markets like Malaysia, the UAE, Singapore, Australia, the US and Africa.
Earlier this week, the fintech company obtained all three key payment licences – payment aggregator, payment gateway, and cross-border payment operations – from the Reserve Bank of India (RBI), allowing it to operate across the full range of digital payment services in the country.
On the financial front, Pine Labs reported a net profit of INR 4.8 Cr in Q1 FY26 as against a loss of INR 27.9 Cr in Q1 FY25. Revenue from operations rose 18% to INR 615.9 Cr in the reported quarter from INR 522.4 Cr in Q1 FY25.
In FY25, the company narrowed its net loss by 57.4% to INR 145.5 Cr from INR 341.9 Cr in the previous year. Operating revenue climbed 28.5% YoY to INR 2,274.3 Cr.
The post Pine Labs IPO: Shares List At 10% Premium appeared first on Inc42 Media.
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