New Delhi, Nov. 14 -- Contrary to muted market expectations, Pine Labs shares staged a stellar debut in the primary market on Friday, November 14, as investors focused on the company's prospects despite valuations being on the higher side.

After listing at a near 10% premium on the bourses today at Rs.242 on the National Stock Exchange (NSE), Pine Labs' share price extended gains to rise as much as 28.5% above its issue price of Rs.221. The stock hit the day's peak of Rs.284.

Earlier today, the grey market premium (GMP) for Pine Labs was Rs.5.5 per share, indicating the listing pop of just 2.5% for the PayPal-backed company.

Recent IPOs have delivered mixed performances, raising concerns that the sizzling IPO market momentum could slow...