Alpha Wave Sells Almost Entire Pine Labs Stake in INR 550 Cr Block Deal

Global investment firm Alpha Wave has exited almost its entire stake in fintech company Pine Labs through a INR 550 crore block deal on Wednesday.

According to exchange data, Alpha Wave sold 3.54 crore shares, a 3.11 per cent stake, at Rs 155.10 apiece. 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 is left with 4.85 lakh shares in Pine Labs, a fraction of its earlier holding.

The exit is part of a broader trend of Alpha Wave monetising its positions in Indian technology companies. In June, it exited its entire 1.93 per cent stake in Delhivery through open-market transactions worth around INR 665 crore. It also sold a 2.46 per cent stake in Lenskart in May, followed by further shares worth INR 1,857 crore in August, and exited Aye Finance through a INR 322 crore block deal.

Pine Labs reported a 20 per cent year-on-year rise in operating scale to INR 737 crore in Q1 FY26, while profit rose fourfold to INR 20 crore. The stock closed at Rs 162.3 on Wednesday, valuing the company at INR 18,785 crore, or nearly USD 2 billion.