Pine Labs traded higher in its Mumbai debut after raising about US$440 million in its initial public offering, Bloomberg reported, in a listing that drew strong interest from investors.

The stock reached 248 rupees in early trading, above the offer price of 221 rupees, valuing the payments firm at roughly US$3.2 billion.

Demand during the sale was firm, with nearly 241 million shares bid for compared with 97.9 million on offer.

Pine Labs operates across several Asian markets, including Singapore and Malaysia, where it provides point-of-sale hardware and merchant software.

For the year ended March 2025, the company reported revenue of 22.74 billion rupees and a net loss of 1.45 billion rupees.

Analysts remain split on its valuation. Angel One flagged concerns around pricing, while SBI Securities expects the business to move toward profitability as its operations scale.

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