Shares of the PayPal-backed Pine Labs settled with close to 14 per cent listing gains after a strong debut on Friday.
The stock opened at ₹242 on both the NSE and BSE, a 9.5 per cent premium over the IPO price of ₹221. It moved higher immediately after listing, touching an intraday high of ₹284 as investor sentiment remained buoyant.
It ended at 250.89 and 251.30 on the NSE and BSE, respectively.
The premium listing reflected confidence in Pine Labs’ established position in the merchant payments ecosystem, diverse revenue streams and steady growth. The early upside also signaled optimism about the company’s profitability path and expanding product suite beyond point-of-sale solutions.
Despite the strong debut, investors remain cautious because of competitive intensity in fintech/merchant commerce, regulatory-risk in payments, and the need to deliver scaled profitability, Shivani Nyati, Head of Wealth at Swastika Investmart Ltd., said.
Prashanth Tapse, Senior VP (Research), Mehta Equities Ltd, maintained long-term hold recommendation for allotted investors and emphasised a wait-and-watch approach for non-allotted investors until valuations stabilise and the stock finds a sustainable post-listing range.
Nyati advised investors allotted shares may consider booking part of the gain and holding the remainder for the medium to long term, with a stop-loss of ₹200.
According to Nitin Jain, Sr. Research Analyst at Bonanza, the stock can be considered a small part of a diversified portfolio with a medium to long-term perspective, balancing potential gains from fintech expansion against current losses and execution risks.
However, the experts emphasised Pine Labs’ strengths such as wide merchant network, strong bank and payment partner integrations, transaction volumes growth, and a diversified revenue model.
IPO drew broad investor interest
The ₹3,900 crore IPO received strong interest across investor categories. The issue, which comprised a mix of fresh shares and an offer for sale by existing shareholders, saw healthy subscription throughout the three-day bidding window, fetching 2.46 times overall subscription. The price band for the offer was set at Rs 210–221 per share, and the company raised funds to strengthen its merchant payment solutions, expand its buy-now-pay-later vertical and support general corporate purposes.
Institutional participation was particularly strong, with the anchor book receiving significant interest on the eve of the IPO. The company mobilsed ₹1,754 crore from anchor investors.
Mixed debut on SME platform – Curis Lifesciences and Shining Tools
Curis Lifesciences stock listed at 14 per cent premium at ₹146.10 on NSE Emerge and settled at ₹141 against the issue price of ₹128. The IPO received 69.24 times subscription overall at a price band of ₹120-128 per share.
Shining Tools settled at its lower circuit of ₹98.80 on BSE SME platform after debuting at ₹104 against the offer price of ₹114. The ₹17.10 crore IPO priced at ₹114 each was subscribed 1.15 times on the last day of bidding.
In addtion, shares of Modis Navnirman migrated from SME to NSE and BSE mainboard. The stock started trading at ₹392 on the BSE and closed at ₹394.65.
Published on November 14, 2025
