Shares of Pine Labs gained over 2% to their day's high of Rs 925 on the BSE on Tuesday after 4.97 crore shares worth Rs 934 crore changed hands in a block deal at Rs 188 apiece.
Mastercard Asia Pacific was looking to offload about 49.7 million shares of fintech company Pine Labs in a block deal valued at up to Rs 892.5 crore, according to reports. The proposed sale represents around 4.3% of Pine Labs.
The floor price for the transaction has been fixed at Rs 179.50 per share, which is about 7.3% below Pine Labs’ previous closing price on the NSE.
Exchange data showed that Mastercard Asia Pacific held 49,724,182 Pine Labs shares as of June 30, 2026, giving it a 4.31% stake in the company. The proposed sale of up to 49.7 million shares is broadly equivalent to the entire stake disclosed by Mastercard Asia/Pacific at the end of June.
The deal is a 100% secondary sale, with Mastercard Asia/Pacific identified as the selling shareholder. Citigroup Global Markets India Private Limited is acting as the sole placement agent.
The books opened on September 21 and closed on September 22. The trade is expected to take place on September 22, with settlement scheduled for September 23.
In the previous session, the brokerage started coverage with a Buy call and a target price of Rs 250, forecasting an upside potential of 30% from current levels.
Pine Labs is a leading merchant commerce platform offering payment acceptance, affordability and issuing solutions. Its digital infrastructure and transaction platform (DITP) and issuing and acquiring platform (IAP) generate a healthy mix of recurring and transaction-linked revenue, aided by long-standing enterprise relationships and scalable technology, the brokerage said.
The breadth of offerings allows the company to generate revenue from subscriptions, transaction processing, and merchant services, reducing dependence on any single revenue stream. “The business has delivered a 16.8% revenue CAGR over FY23-26, and we estimate growth to remain healthy at 24.5% over FY26-28 and contribution margin to remain around 82-83% by FY28E.”
“We estimate a healthy revenue CAGR of ~24% over FY26-28E, driven by stable growth in DITP, continued traction in affordability solutions and online payments, and a faster scale-up of IAP business. DITP will remain the largest revenue contributor, accounting for ~68% of revenue, while IAP business is set to outpace the broader portfolio.”
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