"The stock opened at ₹242 and rose as high as ₹284 before settling at ₹252, up from the issue price of ₹221, resulting in a market capitalization of ₹289 billion (approximately $3.3 billion) for the Gurugram-based company. It's a step down from Pine Labs' 2022 private valuation of over $5 billion, but still a clear signal that investors are backing India's growing push to take its fintech model global."
"Founded in 1998, Pine Labs has been steadily expanding beyond India and now operates in 20 markets, including Malaysia, Singapore, Australia, the UAE, the U.S., and some parts of Africa. What started as a point-of-sale terminal provider has since evolved into a broader payments platform that supports bill payments, account-aggregator transactions, and a range of merchant and acquiring services. In India, Pine Labs competes with the likes of Razorpay, Paytm, and Walmart-owned PhonePe."
"The company became profitable in the June quarter, posting a net profit of ₹47.86 million (about $540,000), compared with a loss of ₹278.89 million a year earlier. Revenue from operations rose 17.9% year-over-year to ₹6.16 billion (around $69 million), while its overseas business contributed roughly 15% of total revenue, rising to ₹943.25 million (about $11 million) from ₹795.97 million a year earlier."
Pine Labs raised $440 million in an IPO priced at ₹221 and closed its first trading day at ₹252, producing a market capitalization of ₹289 billion (~$3.3 billion). The valuation is lower than its 2022 private valuation of over $5 billion. The company, founded in 1998, operates in 20 markets and has transitioned from point-of-sale terminals to a payments platform offering bill payments, account-aggregator transactions, merchant services, and acquiring. Pine Labs reported a June-quarter net profit of ₹47.86 million, revenue of ₹6.16 billion (up 17.9% year-over-year), and roughly 15% of revenue from overseas. Existing investors sold part of their holdings.
Read at TechCrunch
Unable to calculate read time
Collection
[
|
...
]