Pine Labs shares make strong debut with near thirty percent jump

Mumbai : Indian fintech company Pine Labs made a strong entry into the stock market on Friday as its shares opened with a sharp rise and continued to trade higher through the morning session. The stock began at around two hundred forty two rupees against the issue price of two hundred twenty one rupees and soon climbed to nearly two hundred eighty four rupees. This marked an increase of close to thirty percent and reflected strong investor interest despite earlier concerns about the company’s valuation.

Pine Labs raised about four hundred forty million dollars through its initial public offering which included both a fresh issue of shares and an offer for sale by existing investors. The market valued the company at around three point six billion dollars at the time of listing. The IPO ha