Pine Labs, a payment technology company backed by PayPal and Mastercard, successfully launched its $440 million IPO in India, closing the first day of trading 14% higher despite a reduced valuation. The company’s market capitalization reached approximately $3.3 billion, making it the second-largest fintech listing in India this year. This milestone highlights the growing confidence in India’s fintech sector and its potential to expand globally. The firm, founded in 1998, now operates in 20 countries and has evolved from a point-of-sale terminal provider to a broader payments platform. This article is worth reading because it offers insights into the success of a major fintech IPO in India and the broader trends in the sector. Readers will learn about the strategic moves and financial performance of Pine Labs as it expands its global and domestic presence.
Key facts
- Pine Labs, backed by PayPal and Mastercard, achieved a 14% rise on its first day of trading despite a lower valuation for its $440 million IPO.
- The company’s market capitalization reached approximately $3.3 billion, making it the second-largest fintech listing in India this year.
- Pine Labs has expanded beyond India, operating in 20 countries and evolving from a point-of-sale terminal provider to a broader payments platform.
- The company became profitable in the June quarter, with a net profit of ₹47.86 million, compared to a loss of ₹278.89 million a year earlier.
- Pine Labs aims to deepen its presence in India while expanding its geographic footprint with new products and services for the country’s growing consumer base.
