Alpha Wave Sells Pine Labs Stake Worth ₹550 Cr
On a selling spree, Alpha Wave has now offloaded more than 3.5 Cr shares of fintech Pine Labs via a…
Alpha Wave, a prominent investment firm, has recently offloaded a significant portion of its stake in fintech company Pine Labs. The firm, through its holding entity Alpha Wave Ventures II, sold over 3.54 crore shares of Pine Labs in a block deal today. This transaction was executed at an average price of ₹155.10 per share, representing a discount of around 4.4% from the stock's closing price of the day.
By selling nearly 3.1% of its stake in the fintech major, Alpha Wave generated ₹550 crore through the transaction. Initially, Alpha Wave held 3,59,42,015 shares of Pine Labs as of the end of the June quarter, but following today's sale, the firm is left with only 4.9 lakh shares. ICICI Prudential Life Insurance emerged as the top buyer of the shares that hit the market, purchasing over 1 crore shares.
Other notable buyers included Societe Generale, which acquired 45.3 lakh shares, and Goldman Sachs, who bought 41.6 lakh shares. Domestic mutual funds such as JM Financial and Edelweiss also participated in the share sale. Alpha Wave has been involved in a series of share sales lately, including the offloading of 2.94 crore shares of omnichannel eyewear retailer Lenskart for ₹1,856.8 crore, and the sale of its entire 7.78% stake in NBFC Aye Finance for around ₹322.6 crore.
Alpha Wave has also divested its nearly 2% stake in logistics major Delhivery for approximately ₹665 crore. Earlier in May, the firm had sold an additional 3.72 crore shares of Lenskart. Pine Labs, too, has witnessed a surge in bulk and block deals this year. In June, private equity firm Actis sold a stake worth ₹522.6 crore in Pine Labs across two transactions.
Prior to this, US-based Altimeter Capital sold 1.56 crore shares of Pine Labs, while Madison India Capital disposed of 2.48 crore shares in May. Pine Labs' six-month post-IPO lock-in period concluded on May 13, allowing over 93 crore shares to be traded. Pine Labs reported a remarkable increase in its net profit, jumping over four times year-over-year to ₹19.6 crore in Q1 FY27, accompanied by a 20% rise in operating revenue to ₹736.9 crore.
The company reported a net profit of ₹113 crore in fiscal year FY26, against a loss of ₹145 crore in FY25, while its operating revenue grew by 19% to ₹2,711 crore. Pine Labs' shares closed the day 1.52% higher at ₹162.32 on the BSE.
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