Pine Labs CEO Amrish Rau / Photo credit: Pine Labs
Shares of India-based fintech platform Pine Labs opened at 242 rupees (US$2.70) on its first day of trading on two of the country’s major bourses: the Bombay Stock Exchange (BSE) and National Stock Exchange (NSE).
The figure marks a 9.5% jump from its IPO price of 221 rupees (US$2.50).
The stock climbed as high as 28.5% above its issue price during the day, reaching 284 rupees (US$3.20) on the NSE.
Founded in 1998, Pine Labs digitalizes commerce through its payment solutions. It competes with the likes of PhonePe, Paytm, and Razorpay.
Besides India, Pine Labs operates in the US, Malaysia, Singapore, Australia, Africa, and the United Arab Emirates.
In 2021, the company acquired Southeast Asian fintech platform Fave for US$45 million. This gave Indian consumers across Pine Labs’ merchant network access to Fave’s smart payments app.
The Temasek-backed company posted its first quarterly profit in the June quarter of the 2026 financial year, earning US$0.5 million as revenue climbed 29% to US$256 million.
Pine Labs’ US$440 million IPO was fully subscribed on the final day of bidding on November 11. It reportedly drew bids for 126.1 million shares against 97.9 million shares on offer.
Other tech startups that went public in India this month include retail investing platform Groww and eyewear brand Lenskart. While Groww debuted on the BSE at a 14% premium, Lenskart saw a 3% discount on listing.
Unlike many recently listed new-age companies, Pine Labs operates a highly scalable model where revenue can grow without a corresponding surge in costs, Anil Sharma, co-founder of IPO Central, tells Tech in Asia.
Deven Choksey, founder and managing director of boutique fund and wealth management company DRChoksey FinServ, echoed this view. He noted that strong customer acquisition and the rising volume of digital transactions signal robust long-term prospects for fintech players like Pine Labs.
“The real test is achieving sustainable profitability and then justifying valuations,” he says.
The stock may also face some near-term selling pressure, but Pine Labs is “well-positioned to emerge as a long-term winner,” Sharma adds.
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