Alpha Wave Sells Pine Labs Stake Worth ₹550 Cr
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On a selling spree, Alpha Wave has now offloaded more than 3.5 Cr shares of fintech Pine Labs via a series of block deals today, as per NSE data.
The investment firm, via its holding entity Alpha Wave Ventures II, offloaded 3.54 Cr shares of Pine Labs in a block deal at an average transaction price of ₹155.10 per share, a discount of around 4.4% to the stock’s closing price today.
By selling nearly 3.1% stake in the fintech major, Alpha Wave netted ₹550 Cr via the transaction.
Alpha Wave held 3,59,42,015 shares of Pine Labs as of the end of the June quarter. Post today’s sale, it would be left with just 4.9 Lakh shares.
ICICI Prudential Life Insurance picked up a higher volume of the shares that hit the market compared to any other buyer, buying over 1 Cr shares.
While Societe Generale bought 45.3 Lakh, Goldman Sachs purchased 41.6 Lakh shares. Domestic mutual funds like JM Financial and Edelweiss also lapped up stake in Pine Labs.
Alpha Wave has been on a selling spree of late. Just last week, it offloaded 2.94 Cr shares of omnichannel eyewear retailer Lenskart for ₹1,856.8 Cr, and also sold its entire 7.78% stake in NBFC Aye Finance for around ₹322.6 Cr.
Earlier in June, it exited logistics major Delhivery by selling its nearly 2% stake for around ₹665 Cr. Back in May as well, it had dumped an additional 3.72 Cr Lenskart shares.
That said, Pine Labs, too, has seen plenty of bulk and block deals action this year. Private equity firm Actis dumped around ₹522.6 Cr worth of stake in Pine Labs across two stake sales back in June. Prior to that, US-based Altimeter Capital sold 1.56 Cr shares of Pine Labs while Madison India Capital sold 2.48 Cr shares in May. Pine Labs’ six-month post-IPO lock-in period expired on May 13, freeing over 93 Cr shares for trade.
On the financial front, Pine Labs’ net profit jumped over 4X on a YoY basis to ₹19.6 Cr in Q1 FY27 while its operating revenue increased by 20% to ₹736.9 Cr. The company reported a net profit of ₹113 Cr in the fiscal year FY26 against a loss of ₹145 Cr in FY25 while its operating revenue grew by 19% to ₹2,711 Cr.
Shares of Pine Labs ended the day 1.52% higher at ₹162.32 on the BSE.
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