Fintech unicorn Pine Labs has filed its draft red herring prospectus (DRHP) with the Securities and Exchange Board of India (SEBI) for a proposed ₹2,600 crore initial public offering (IPO). The offering includes a fresh issue of shares by the company and an offer for sale (OFS) by multiple existing investors.

The move positions Pine Labs among India’s prominent fintech companies looking to tap capital markets amid a recovering IPO pipeline in 2025. Pine Labs, which provides merchant payment solutions and buy-now-pay-later services, counts heavyweights like Peak XV Partners (formerly Sequoia Capital India) and PayPal among its early backers.

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Law Firms Advising on the Pine Labs IPO

The multi-firm advisory lineup for this IPO underscores the complex legal work involved in structuring a large-scale public issue with multiple stakeholders, cross-border interests, and regulatory scrutiny.

Here’s how the legal mandates break down:

Issuer’s Legal Counsel: Cyril Amarchand Mangaldas (CAM)

Cyril Amarchand Mangaldas is acting as sole counsel to Pine Labs on the IPO, advising on all aspects of the Indian listing, SEBI compliance, stock exchange filings, and corporate governance.

The CAM team is led by Yash J. Ashar (Senior Partner) and Aashima Johur (Partner), with support from Aniran Ghoshal, Akash Joshi, Rishi Nandkeolyar, Shreya Jain, Arjun Badola, and Aakash Rao.

Book-Running Lead Managers’ Counsel: S&R Associates

S&R Associates is representing the book-running lead managers (BRLMs), which reportedly include Axis Capital, Morgan Stanley, Citi, J.P. Morgan, and Jefferies. Their role covers due diligence, disclosure review, regulatory clearances, and underwriter negotiations.

Selling Shareholders’ Counsel: Khaitan & Co

Khaitan & Co is acting for the selling shareholders in the offer-for-sale portion of the IPO. Reports indicate that around 25 investor selling shareholders will partially offload their stakes in Pine Labs. Khaitan’s scope includes vetting transaction documents, shareholder consents, and compliance with Indian securities law for secondary share sales.

International Counsel: Latham & Watkins

Latham & Watkins LLP is also advising, reportedly supporting on international aspects of the IPO, likely covering cross-border compliance for global investors, given Pine Labs’ shareholder base includes international venture capital and strategic investors.

Key Deal Details

Deal Impact & Analysis

Pine Labs’ proposed IPO is significant for multiple reasons:

Fintech Market Confidence
This listing signals renewed investor interest in India’s fintech sector after a cautious 2023–2024, when market sentiment saw fewer tech IPOs amid macro headwinds.

Exit Opportunity for Early Backers
Prominent investors like Peak XV and PayPal are expected to partially exit or pare down holdings through the OFS, freeing up capital for new bets.

Market Positioning
A successful IPO would help Pine Labs strengthen its balance sheet, expand its merchant network, and scale its digital payment and credit services in India and Southeast Asia.

Robust Legal Oversight
With four top-tier law firms coordinating on issuer, manager, seller, and cross-border aspects, this IPO showcases the complexity and global footprint typical of large Indian tech listings.

The DRHP has been filed, and SEBI’s review is underway. Subject to regulatory approvals and market conditions, the IPO is expected to launch later in 2025. Final pricing, allocation, and listing details will be announced closer to the offer opening.

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Disclaimer

This article is for informational purposes only and does not constitute legal or financial advice. Readers should consult professionals before making decisions.