PayPal-Backed Pine Labs Jumps in India Debut
By Jason Chau
Shares of an Indian financial-technology company backed by PayPal and Mastercard surged in their India debut Friday, reflecting solid investor appetite for tech-related assets.
Pine Labs, which raised $438 million in its initial public offering, saw its shares rise as much as 28% from their issue price of 221 rupees, equivalent to $2.49, on the first day of trading. The stock pared its gains in afternoon trading and was recently 18% higher at 260 rupees.
The company plans to use the IPO proceeds for debt repayment and business expansion, including building IT assets and cloud infrastructure, expanding overseas and funding potential acquisitions.
Pine Labs offers digital payment technology for businesses, enabling them to process payments and manage transactions. It also has operations in markets across Southeast Asia and the Middle East, including Malaysia, Singapore and the United Arab Emirates.
India's IPO market has been running hot, with 208 companies listing on the BSE so far this year, including 87 on the main board, according to exchange data. Most of the offerings have been oversubscribed.
JPMorgan, Morgan Stanley and Citi were among the banks that advised on Pine Labs' IPO.
Write to Jason Chau at jason.chau@wsj.com
(END) Dow Jones Newswires
November 14, 2025 03:48 ET (08:48 GMT)
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