Pine Labs debuts with 14 pc premium on issue price

New Delhi, Nov 14 (PTI) Shares of fintech firm Pine Labs on Friday made a firm market debut closing with a premium of over 14 per cent against the issue price of Rs 221.

The stock began trading at Rs 242 apiece, up 9.5 per cent on the NSE. In the intra-day session, the scrip of the company surged 28.51 per cent to Rs 284. Finally, the stock settled 14.03 per cent higher at Rs 252.

On the BSE, the shares listed at Rs 242, a premium of 9.5 per cent. In the session, it jumped 28.37 per cent to hit a intra-day high of Rs 283.70 apiece. Later, it ended at Rs 251.30, up by 13.71 per cent on the BSE.

The company's market valuation stood at Rs 28,936.56 crore and Rs 28,856.19 crore, on the NSE and BSE, respectively.

The markets ended in the negative territory. The BSE Sensex ended 84.11 points, or 0.10 per cent, higher at 84,562.78, while the NSE Nifty went up 30.90 points, or 0.12 per cent, to settle at 25,910.05.

On Tuesday, the final day of the share sale, the Pine Labs IPO received 2.46 times subscription.

Fintech firm Pine Labs on Thursday raised Rs 1,754 crore from anchor investors.

The firm has fixed a price band of Rs 210-221 per share for its IPO, targeting a valuation of over Rs 25,300 crore.

The IPO comprises a fresh issue of shares worth Rs 2,080 crore and an offer for sale (OFS) of over 8.23 crore equity shares, valued at Rs 1,819.9 crore at the upper end, by existing shareholders.

The company will use proceeds from the fresh issue to repay debt, invest in IT assets, fund cloud infrastructure, support technology development initiatives, and procure digital checkout points.

The company will use funds to invest in its subsidiaries, such as Qwikcilver Singapore, Pine Payment Solutions (Malaysia), and Pine Labs UAE, to expand its presence outside the country.

Noida-based Pine Labs is a technology company focused on digitising commerce through digital payments and issuing solutions for merchants, consumer brands, enterprises, and financial institutions.

The company competes with the likes of Paytm, Razorpay, Infibeam, PayU Payments, and PhonePe in the domestic market, and with Adyen, Shopify, and Block in overseas markets. PTI HG TRB