Pine Labs Shares Surge on Unlisted Market Following Rs 934 Crore Block Trade Investor activity around fintech firm Pine Labs has intensified, culminating in a significan...
Investor activity around fintech firm Pine Labs has intensified, culminating in a significant Rs 934 crore block deal that sent its shares soaring by over 11% in the unlisted market. The transaction, involving approximately 8.5 million shares at a price of Rs 1,100 each, has stirred speculation about shareholder restructuring ahead of a potential public offering.
The large-scale trade has reportedly seen early investor Mastercard exit its position. While the parties have not officially commented, sources suggest an entity associated with SoftBank was the primary buyer. This move could consolidate the position of a major long-term investor as Pine Labs navigates its path toward the public markets.
Following the deal, Pine Labs’ stock price on the unlisted market climbed to Rs 1,225, approaching its 52-week high of Rs 1,230. This rally reflects robust investor confidence despite the company’s mixed financial performance. For fiscal year 2024, Pine Labs reported a substantial increase in operational revenue to Rs 1,588 crore, up from Rs 1,280 crore in the previous year. However, its net losses also widened, reaching Rs 227 crore compared to Rs 202 crore in FY23, highlighting the ongoing cost of expansion and investment in its platform.
This block deal comes at a pivotal time for Pine Labs, which is reportedly gearing up for a domestic Initial Public Offering (IPO). The company had previously filed for a $500 million IPO in the United States but withdrew the plans in 2022 amid market volatility. The current focus on a domestic listing, combined with this major share transfer, indicates strategic preparations are underway. The company, which holds an in-principle payment aggregator license from the RBI and has expanded into the Middle East and Southeast Asia, continues to build its market presence through strategic moves like its 2022 acquisition of Setu.
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