Pine Labs, a payment technology firm, saw its stock rise 14% on its first trading day after a $440 million IPO, despite reducing its valuation from over $5 billion in 2022. The company, which now operates in 20 markets, posted its first profit recently and aims to expand its presence in India and internationally.

Pine Labs, the Indian fintech startup, is going public this week with a valuation about 40% lower than its previous funding round. The company is reducing its offering size while aiming to expand its international presence after listing. It currently serves over 980,000 merchants and has seen significant revenue growth from overseas markets.

Pine Labs, a fintech company backed by PayPal, has filed for an initial public offering (IPO) in India, capitalizing on the growing boom in the fintech sector. The move reflects the increasing interest from investors in digital payment solutions and technology-driven financial services.