BENGALURU -Shares of fintech firm Pine Labs rose nearly 10% in their trading debut on Friday as investors shrugged off concerns over profitability and stretched valuations. The stock listed at 242 rupees on the National Stock Exchange (NSE), above its issue price of 221 rupees. Pine Labs' debut comes at a time when India's IPO market is red hot, with over 300 companies having raised $16.55 billion through early November. The IPO fundraise this year is expected to surpass 2024's record $20.5 billion. The busy primary market has seen blockbuster listings from LG Electronics India and Billionbrains Garage Ventures, but stretched valuations have limited any listing pop at other counters including Lenskart and Canara HSBC Life Insurance. Pine Labs had issued shares at a valuation of $2.9 billion in its $440 million IPO, compared with $5 billion at the time of its last fundraise in 2022. (Reporting by Komal Salecha in Bengaluru; Editing by Ronojoy Mazumdar)
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