Pine Labs IPO GMP Day 2 Live Updates: Angel One gives Neutral rating to Pine Labs IPO. Here’s why
According to Angel One, at the upper price band of Rs 221 per share, the company’s valuation cannot be meaningfully assessed on a P/E basis as it remains loss-making at the net level. On an EV/EBITDA basis, it is trading at a premium to listed peers, which raises some valuation concerns despite the strong sectoral and company outlook. Therefore, Angel One has assigned a “Neutral” rating to the issue for investors with a medium- to long-term horizon. The brokerage also highlighted key risks, including dependence on merchant and financial partners, intense competition in the fintech space, cybersecurity and technology upgrade challenges, as well as regulatory uncertainties across markets.