Indian fintech firm Pine Labs' $440 million IPO subscribed on final day

(Reuters) -Indian fintech steadfast Pine Labs' $440 cardinal IPO was afloat subscribed connected the last time of bidding connected ​Tuesday, adjacent arsenic concerns implicit profitability and valuations kept immoderate investors astatine ‌bay.

The stock merchantability happened successful the mediate of a question of listings with the IPO marketplace acceptable ‌to apical past year's record. So acold successful 2025, much than 80 companies person listed connected the main board, raising 1.3 trillion rupees ($14.8 billion).

Pine Labs, backed by Peak XV Partners, Temasek, PayPal and ⁠Mastercard, provides outgo solutions ‌such arsenic point-of-sale terminals, and competes with Paytm and Walmart-owned PhonePe.

The IPO received bids for 126.12 cardinal ‍shares arsenic of 2:00 p.m. IST, against the 97.89 cardinal shares connected offer, speech information showed.

Qualified organization buyers led the bidding for Pine Labs shares, ​with subscriptions astatine 2.14 times the shares reserved for them. The shares ‌set speech for retail investors were besides afloat subscribed. Non-institutional investors lone bid for 21% of the shares reserved for them.

The institution had slashed the information offered by existing investors successful its IPO by 44% and caller shares by 20%, astatine an expected valuation of $2.9 billion, arsenic per ⁠an updated prospectus, compared with $5 cardinal ​at the clip of its past fundraise successful ​2022.

Pine Labs posted a nonaccomplishment of 1.45 cardinal rupees for fiscal twelvemonth 2025 connected a gross of 22.74 cardinal rupees.

Brokerage Swastika ‍Investmart said that based ⁠on existent financials, Pine Labs' IPO seemed aggressively valued.

Angel One flagged concerns implicit profitability and valuations and said that Pine Labs' endeavor worth ⁠to operating nett ratio was astatine a premium, starring to valuation discomfort contempt beardown assemblage and ‌company outlook.

($1 = 87.8950 Indian rupees)

(Reporting by Vivek ‌Kumar M; Editing by Mrigank Dhaniwala)