Strategic Step Towards Domicile Shift
Fintech major Pine Labs has received the final approval from the National Company Law Tribunal (NCLT) to merge its Indian and Singapore-based entities. This strategic realignment is a major step in the company’s broader plan to shift its domicile to India — a move that sets the stage for a highly anticipated $1 billion Initial Public Offering (IPO).
The merger will lead to the issuance of Pine Labs shares to the current shareholders of the Singapore entity. This realignment is part of the company’s vision to boost operational efficiency and streamline its corporate structure.
Enhancing Operational Efficiency and Stakeholder Value
A spokesperson for Pine Labs highlighted the significance of the NCLT approval, stating, “This alignment is aimed at enhancing operational efficiency and supports our long-term vision of delivering value to our customers, partners, and stakeholders.”
By consolidating operations under a single jurisdiction, Pine Labs is expected to reduce compliance complexities, improve governance, and simplify financial reporting. The move is also seen as a critical prerequisite for the upcoming IPO.
IPO Preparation in Full Swing
With the merger now approved, all eyes are on Pine Labs’ planned IPO, which is projected to raise up to $1 billion. The company has already appointed five prominent investment banks to manage the public offering: Axis Capital, Morgan Stanley, Citigroup, JP Morgan, and Jefferies.
The IPO is expected to mark a significant milestone not just for Pine Labs but also for India’s growing fintech sector. The timing of the IPO is yet to be finalized, but industry sources suggest that it could take place in late 2025 or early 2026.
Strengthening Position in the Fintech Ecosystem
Founded in 1998, Pine Labs has grown to become one of Asia’s leading merchant commerce platforms, offering solutions in payments, loyalty programs, and financing. The company serves over 150,000 merchants across India and Southeast Asia.
With increasing adoption of digital payments and a favorable regulatory environment in India, Pine Labs is well-positioned to scale further. The shift in domicile could help the company tap into more domestic capital and boost investor confidence.
Alignment with India’s Fintech Growth Story
Pine Labs‘ move to merge its Singapore entity with its Indian operations reflects a broader trend of Indian-origin startups looking to establish their base in India. With the government offering incentives for Indian startups and a deepening capital market, the timing seems ideal.
This move will not only help Pine Labs align better with local regulations but also give it a strategic advantage in the long run, especially when it comes to listing on Indian stock exchanges.
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