Alpha Wave Exits Stake in Pine Labs

Alpha Wave has conducted a major exit from its investment in fintech firm Pine Labs, selling almost its complete stake via a block deal valued at Rs 550 crore. On Wednesday, exchange reports indicated that Alpha Wave transferred 3.54 crore shares, which equates to a 3.11% ownership, at a price of Rs 155.10 each.

Details of the Block Deal

The shares were acquired by a consortium of institutional investors, with ICICI Prudential Life Insurance Company taking the lead by purchasing 1.03 crore shares for approximately Rs 160 crore. Other significant buyers included Societe Generale, Edelweiss Mutual Fund, Goldman Sachs Investments Mauritius, Viridian Asia Opportunities Master Fund, Integrated Core Strategies, JM Financial Mutual Fund, Morgan Stanley Asia Singapore, and Norges Bank.

Remaining Holdings in Pine Labs

Post-transaction, Alpha Wave’s remaining stake in Pine Labs will comprise only 4.85 lakh shares, a significantly reduced portion of its previous investment. This exit aligns with Alpha Wave’s strategy of capitalising on its positions within Indian technology firms. Earlier in June, the company divested its entire 1.93% stake in Delhivery through open-market sales, amounting to around Rs 665 crore. Additionally, it has sold parts of its holdings in Lenskart, including a 2.46% stake in May and further shares worth Rs 1,857 crore in August. Alpha Wave also made a notable exit from Aye Finance via a Rs 322 crore block deal.

Pine Labs’ Financial Performance

From a financial perspective, Pine Labs has reported a 20% growth in operating scale year-on-year, reaching Rs 737 crore in Q1 FY26. Moreover, the company saw its profits surge fourfold to Rs 20 crore during the same period.

As of the end of Wednesday’s trading, Pine Labs’ shares closed at Rs 162.3, bringing the company’s total market capitalisation to Rs 18,785 crore, or nearly $2 billion.