New Delhi, Nov. 6 -- Fintech firm Pine Labs' near- Rs.4,000 crore listing on Friday comes at a time when investors sift harder through numbers than narratives.

The initial public offer (IPO) comprises a Rs.2,080 crore fresh issue and an Rs.1,819 crore offer for sale at the upper end of the Rs.210-221 price band.

Once privately valued at about $5 billion ( Rs.41,393 crore) in 2022, Pine Labs has now marked down its worth by nearly 40%, to around $2.9 billion ( Rs.25,373 crore). At this level, the company is valued at roughly 11 times its FY25 operating revenue-comparable to listed peer Paytm's 11.8x multiple but well above Zaggle's 3.7x, Mint's analysis showed.

From a lofty 26x FY23 operating revenue multiple, the reset marks a dose of ...