Pine Labs Soars in Market Debut: A Fintech Triumph

Fintech firm Pine Labs made an impressive debut on the stock exchanges, listing at a 9.5% premium. The company's shares surged over 24%, achieving a significant market valuation. The IPO was received well, oversubscribed by 2.46 times, with the funds earmarked for debt repayment, IT investments, and international expansion.

Pine Labs, a notable player in the fintech arena, experienced a remarkable market debut on Friday with shares listing at a 9.5% premium over their issue price of Rs 221.

The stock opened trading at Rs 242 per share, subsequently elevating over 24% to Rs 275 on the NSE and Rs 274.85 on the BSE, affirming robust investor interest.

Boasting a market valuation surpassing Rs 31,000 crore, Pine Labs aims to utilize IPO funds to repay debts, enhance IT capabilities, and foster international growth through strategic investments in subsidiaries like Qwikcilver Singapore.

(With inputs from agencies.)