Saraswati Commercial Invests Rs. 15 Crore in Pine Labs IPO
Filing Summary
Saraswati Commercial India Ltd has announced its participation as an Anchor Investor in the Initial Public Offering (IPO) of Pine Labs Limited. The company has subscribed to 6,78,777 equity shares at Rs. 221 per share, totaling an investment of Rs. 15 Crore. The transaction was completed on November 6, 2025, with share allocation confirmed on November 7, 2025. Pine Labs, a merchant commerce platform, reported a turnover of Rs. 2,327 Crore for the year ending March 31, 2025. The acquisition represents 0.06% of Pine Labs’ post-issue capital.
Saraswati Commercial India Ltd has informed BSE Limited of its investment in the Initial Public Offering (IPO) of Pine Labs Limited. Acting as an Anchor Investor, the company has agreed to acquire 6,78,777 equity shares at a price of Rs. 221 per share. This investment amounts to a total of Rs. 15,00,09,717. The transaction was executed on November 6, 2025, and the allocation of shares was confirmed on November 7, 2025.
The financial terms of the investment include a cash consideration for the acquisition of the shares. The price per share is set at Rs. 221, resulting in a total investment of Rs. 15 Crore. This acquisition represents 0.06% of the post-issue capital of Pine Labs Limited. The investment exceeds the threshold specified in Regulation 30(4)(i)(c)(2) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, which is 2% of the net worth as per the last audited consolidated financial statements of Saraswati Commercial India Ltd.
Pine Labs Limited operates as a merchant commerce platform in India, providing point-of-sale (POS) solutions, payment processing, and merchant financing services. The company caters to businesses of various sizes, from small retailers to large enterprises, offering digital payment technologies and value-added services. Pine Labs reported a turnover of Rs. 2,327 Crore for the financial year ending March 31, 2025. The company has launched an IPO with an issue size of Rs. 3,899.91 Crore.
The acquisition does not fall within related party transactions, and there is no interest from the promoter or promoter group of Saraswati Commercial India Ltd in Pine Labs Limited. The investment is part of Saraswati’s normal course of business as a Non-Banking Financial Company (NBFC) engaged in investment in shares and securities. No governmental or regulatory approvals were required for this acquisition.
The indicative time period for the completion of the acquisition is on or before November 13, 2025. Saraswati Commercial India Ltd has completed the payment for the shares, and the confirmation of share allocation was received on November 7, 2025, at 12:37 a.m.
Pine Labs Limited is a prominent player in the Indian merchant commerce sector, offering a range of services that enhance digital payment capabilities for businesses. The company has shown consistent growth in turnover over the past three years, with figures of Rs. 1,690 Crore in 2022-2023, Rs. 1,824 Crore in 2023-2024, and Rs. 2,327 Crore in 2024-2025.
Saraswati Commercial India Ltd is a Non-Banking Financial Company (NBFC) focused on investments in shares and securities. The company operates within the financial sector, leveraging its expertise to engage in strategic investments. Saraswati Commercial aims to expand its portfolio through calculated financial ventures.