CAM, R&T, S&R, Latham, Khaitan, TT&A act on Pine Labs ₹2,600 crore proposed IPO

Pine Labs has filed its Draft Red Herring Prospectus (DRHP) with SEBI to raise funds via an Initial Public Offering (IPO). 

According to reports, the company plans to raise ₹2,600 crore ($304 million) via a fresh issue and 14.78 crore equity shares through the Offer-for-sale component.

Axis Capital, Morgan Stanley, Citi, J.P. Morgan, and Jefferies are the lead managers of the issue. 

Cyril Amarchand Mangaldas is advising Pine Labs on this IPO.

The transaction team consisted of Yash J. Ashar (Senior Partner), Aashima Johur (Partner), with the support from Aniran Ghoshal (Principal Associate), Akash Joshi ( Senior Associate) and Associates - Rishi Nandkeolyar, Shreya Jain, Arjun Badola and Aakash Rao.

In addition to the IPO, CAM advised Pine Labs on its reverse-flip merger, wherein Pine Labs Limited, Singapore, merged into its Indian entity. The transaction, which involved complex corporate, regulatory, and litigation considerations, was a key precursor to the company’s proposed IPO (IPO)

The corporate aspects of the reverse-flip were handled by Harish S., Partner, supported by Supriya Aakulu (Principal Associate), Siddarth Chokkalingam (Senior Associate), and Mahek Khandelwal (Associate).

The finance team comprised Shehryar Khanum, Consultant, and Jemima Chelliah, Senior Associate.

The litigation team was led by Shikha Tandon, Partner, with support from Zaid Drabu (Principal Associate) and Sejal Sethi (Senior Associate).

Competition law advice was provided by Dhruv Rajain, Partner.

Rajah&Tann Singapore also acted on the merger.

S&R Associates, Latham & Watkins are advising the Book Running Lead Managers (BRLMs).

Khaitan & Co is advising 25 Investor Selling Shareholders in connection with the filing of DRHP.

The transaction team included Sudhir Bassi (Executive Director - Capital Markets), Gautham Srinivas (Partner), Thomas George (Partner), Sathvik Ponnappa (Partner), Poorvi M Jain (Principal Associate), Sanjeev Chowdhary (Principal Associate), Vanshika Chaudhry (Senior Associate), Pooja Agarwal (Associate).

TT&A advised Individual Selling Shareholders on the DRHP filing for the proposed IPO.

The transaction team consisted of Abhinav Kumar (Partner), Shubham Sancheti (Managing Associate), Anand Kumar (Associate) and Mihika Ambikar (Paralegal).

Pine Labs, founded in 1998, is a leading Indian fintech company that provides merchant payment and point-of-sale (POS) solutions, including plastic card and QR-based processing, buy‑now‑pay‑later (BNPL), invoice management, and e‑commerce enablement.

In May 2024, after obtaining Singapore court approval, Pine Labs initiated a "reverse‑flip"—a corporate restructuring where its Singapore parent merged into its Indian subsidiary, resulting in re‑domiciliation of its legal headquarters back to India

In April  2025, the Chandigarh bench of the National Company Law Tribunal (NCLT) granted final approval for the merger, marking Pine Labs as the second major fintech (after Groww) to complete such a move.

The rationale behind the reverse flip was to simplify its corporate structure, unlock synergies, and secure better access to the deep and growing Indian capital markets ahead of its planned IPO

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