Pine Labs gets warm market welcome on $440M India IPO despite a valuation trim

Payment technology company Pine Labs, backed by PayPal and Mastercard, won over public investors on Friday, finishing its first day of trade 14% higher even after lowering its valuation for its $440 million IPO. This makes it the second-largest Indian fintech listing this year after online brokerage Groww’s nearly $750 million debut earlier this week.

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…