Pine Labs, a payment technology firm supported by PayPal and Mastercard, impressed public investors on Friday, closing its first trading day up 14% despite reducing its valuation for its $440 million IPO. This marks the second-biggest fintech IPO in India this year, following Groww’s nearly $750 million launch earlier in the week.
Shares began trading at ₹242, climbed to a peak of ₹284, and ended the day at ₹252, above the issue price of ₹221. This gave the Gurugram-based company a market value of ₹289 billion (around $3.3 billion).
Although this is below Pine Labs’ private valuation of over $5 billion in 2022, it still demonstrates investor confidence in India’s ambitions to expand its fintech influence worldwide.
Established in 1998, Pine Labs has grown beyond India and now operates in 20 countries, such as Malaysia, Singapore, Australia, the UAE, the United States, and parts of Africa. Initially a provider of point-of-sale terminals, the company has transformed into a comprehensive payments platform, offering bill payments, account aggregation, and a variety of merchant and acquiring solutions.
Within India, Pine Labs faces competition from companies like Razorpay, Paytm, and Walmart-owned PhonePe. The company turned profitable in the June quarter, reporting a net profit of ₹47.86 million (roughly $540,000), compared to a loss of ₹278.89 million during the same period last year. Operating revenue increased 17.9% year-over-year to ₹6.16 billion (about $69 million), with international operations making up about 15% of total revenue, rising to ₹943.25 million (approximately $11 million) from ₹795.97 million a year ago.
“We will always keep our startup spirit,” said Amrish Rau, Pine Labs’ CEO, at the company’s listing event. “Now that we are publicly traded, that term will no longer echo in our offices.”
Some existing shareholders, including Peak XV Partners, Temasek Holdings, PayPal, and Mastercard, sold portions of their stakes during the IPO.
“Pine Labs never aimed to win on pricing,” said Shailendra Singh, managing director at Peak XV Partners. “Its focus was always on offering a better value. We believed the company would continue to grow due to its strong business advantages, which shaped our perspective on patience and nurturing ecosystems.”
Peak XV Partners, which separated from Sequoia Capital in 2023, first invested in Pine Labs in 2009 during the global financial crisis. The venture capital firm is experiencing two partial public exits this week, with Pine Labs being its second portfolio company to go public after Groww, which debuted on Indian markets with a 12% jump and closed its first day 29% above its ₹100 issue price.
Pine Labs’ IPO is part of a larger trend as India’s public listing activity accelerates. More startups from sectors like technology, fintech, e-commerce, and manufacturing are choosing to list, driven by robust local investor demand, favorable interest rates, and regulatory encouragement. Globally, finance has led IPO activity this year, with $34.34 billion raised so far in 2025—more than double the $14.05 billion collected during the same period in 2024, according to Dealogic.
With its stock market debut, Pine Labs intends to further expand internationally while strengthening its position in India by introducing new offerings for the country’s fast-growing, internet-savvy consumers.
“Our main business will continue to grow. Our competitive advantages will become stronger, and our margins will improve,” Rau stated.
