Madison India Capital has partially exited its investment in fintech company Pine Labs by offloading 2.48 crore shares in a block deal worth ₹356.86 crore. The shares were sold at ₹144 apiece, representing a slight premium over the previous closing price, according to inc42.com.
The sale was executed via Madison India Opportunities IV fund, which held 2.53 crore shares at the end of the March 2026 quarter. The shares were purchased by institutional investors including Franklin Templeton, HSBC Mutual Fund, ICICI Prudential, Tata Mutual Fund, and Morgan Stanley. HSBC Mutual Fund acquired the largest portion, buying 61.73 lakh shares for ₹88.89 crore. This transaction marks nearly a complete exit for Madison India Capital from Pine Labs, which it had invested in since 2016. Earlier, the firm had sold 30.19 lakh shares during Pine Labs’ IPO, earning ₹66.7 crore at a 5.6X return multiple.
This partial exit comes as Pine Labs’ shares have been declining following the expiry of the IPO lock-in period on May 13, with the stock hitting a fresh intraday low of ₹141.05. Despite the share price dip, Pine Labs continues to show strong financial performance, posting its second consecutive profitable quarter in Q3 FY26, reflecting ongoing business traction in the fintech sector.
Looking ahead, Madison India Capital’s exit may influence investor sentiment around Pine Labs, but the company’s sustained profitability could support its market position. Stakeholders will be watching Pine Labs’ upcoming quarterly results and stock performance closely to gauge its growth trajectory and market response after the lock-in expiry.