(Reuters) -Indian fintech firm Pine Labs’ $440 million IPO was fully subscribed on the final day of bidding on Tuesday, even as concerns over profitability and valuations kept some investors at bay.

The share sale happened in the middle of a wave of listings with the IPO market set to top last year’s record. So far in 2025, more than 80 companies have listed on the main board, raising 1.3 trillion rupees ($14.8 billion).

Pine Labs, backed by Peak XV Partners, Temasek, PayPal and Mastercard, provides payment solutions such as point-of-sale terminals, and competes with Paytm and Walmart-owned PhonePe.

The IPO received bids for 126.12 million shares as of 2:00 p.m. IST, against the 97.89 million shares on offer, exchange data showed.

Qualified institutional buyers led the bidding for Pine

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