I see the following at the end of initdb on win32. Note the path
quoting:
Success. You can now start the database server using:
"C:\msys\1.0\local\pgsql\bin"\postmaster -D "data"
or
"C:\msys\1.0\local\pgsql\bin"\pg_ctl -D "data" -l logfile start
Regards, Dave.