Global investment firm Alpha Wave has exited almost its entire stake in fintech company Pine Labs through a Rs 550 crore block deal on Wednesday. According to exchange data, Alpha Wave sold 3.54 crore shares, representing a 3.11% stake, at Rs 155.10 apiece in a block deal worth around Rs 550 crore. The shares were picked up by a group of institutional investors, led by ICICI Prudential Life Insurance Company, which acquired 1.03 crore shares worth around Rs 160 crore. Other 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. Following the transaction, Alpha Wave will be left with only 4.85 lakh shares in Pine Labs, a fraction of its earlier holding. The exit comes as Alpha Wave has been actively monetising its positions in Indian technology companies. In June, the investor exited its entire 1.93% stake in Delhivery through open-market transactions for around Rs 665 crore. It has also sold stake in Lenskart, including a 2.46% stake sale in May and further shares worth Rs 1,857 crore in August. Alpha Wave also exited Aye Finance through a Rs 322 crore block deal. Financially, Pine Labs reported a 20% year-on-year growth in operating scale toRs 737 crorein Q1 FY26, while its profit jumped fourfold to Rs 20 crore during the quarter. At the end of Wednesday’s trading session, Pine Labs’ shares closed at Rs 162.3, giving the company total market capitalization of Rs 18,785 crore or nearly $2 billion. Bareback Media has recently raised funding from a group of investors. Some of the investors may directly or indirectly be involved in a competing business or might be associated with other companies we might write about. This shall, however, not influence our reporting or coverage in any manner whatsoever. You may find a list of our investorshere.
