Cyril Amarchand Mangaldas is advising Pine Labs on its proposed initial public offering which will include a fresh issue of INR 2,600 crore and an offer for sale of up to 147.8 million equity shares. S&R Associates is representing the book running lead managers, while Khaitan & Co is acting for the selling shareholders.
The BRLMs comprise Axis Capital, Morgan Stanley, Citi, J.P. Morgan, and Jefferies.
Backed by global investors including Peak XV Partners (formerly Sequoia India), Mastercard, PayPal and Temasek, Pine Labs is seeking a valuation of around $4-5 billion through this public issue, ET reported.
Pine Labs recently completed its reverse flip to India from Singapore on April 9, after securing approval from the Chandigarh bench of the National Company Law Tribunal.
Pine Labs will join a list of fintech peers gearing up for IPOs. PhonePe is expected to file its IPO documents by Q3 of this year, while Groww filed its confidential DRHP in May to raise $700 million to $1 billion.
The CAM team advising Pine Labs was led by senior partner Yash Ashar and partner Aashima Johur with support from principal associate Aniran Ghoshal, senior associate Akash Joshi, and associates Rishi Nandkeolyar, Shreya Jain, Arjun Badola, and Aakash Rao.
The Khaitan team advising the selling shareholders included executive director Sudhir Bassi, partners Gautham Srinivas, Thomas George and Sathvik Ponnappa, principal associates Poorvi M Jain and Sanjeev Chowdhary, senior associate Vanshika Chaudhry and associate Pooja Agarwal.
