Pine Labs, a payment technology company backed by PayPal and Mastercard, had a successful IPO in India, finishing its first day of trading up 14% at ₹252, despite lowering its valuation. The IPO raised $440 million, marking it as the second-largest fintech listing in India this year, following Groww’s nearly $750 million debut. The stock opened at ₹242 and peaked at ₹284, giving Pine Labs a market capitalization of about $3.3 billion, down from its 2022 private valuation of over $5 billion. This indicates strong investor confidence in the Indian fintech sector's potential for global expansion. Founded in 1998, Pine Labs has evolved from a point-of-sale terminal provider to a comprehensive payments platform. The company now operates across 20 markets, including Malaysia, Singapore, and the U.S. In India, it competes with companies like Razorpay and Paytm. Recently, Pine Labs reported profitability for the first time, posting a net profit of ₹47.86 million compared to a loss the previous year. Revenue from operations rose by nearly 18% year-over-year to ₹6.16 billion, with 15% of total revenue coming from its international business. CEO Amrish Rau emphasized the company’s commitment to maintaining a startup mentality despite its new public status. Existing investors like Peak XV Partners and Temasek Holdings participated in the listing by selling parts of their holdings. Peak XV, which has been involved with Pine Labs since 2009, highlighted the company’s strategy of competing on value rather than price. The IPO reflects a growing trend in India, where startups across various sectors are increasingly opting for public listings, buoyed by a robust domestic investor base and favorable economic conditions.