PolicyBazaar up 16% after a strong start, up 43% over issue

PolicyBazaar up 16% after a strong start, up 43% over issue

Shares of Policybazaar’s parent company PB Fintech rose another 16 per cent to Rs 1,397 on the National Stock Exchange (NSE) in Tuesday’s intra-day trade after a strong market opening on Monday. With today’s rally, the stock has risen 43 per cent against its issue price of Rs 980 per share.

The sharp jump in the company’s market cap has helped PB Fintech to enter the top-100 most valuable companies in terms of market-cap. at 09:45 am; The BSE data shows that in the overall market cap ranking, PB Fintech is ranked 95th with a market cap of Rs 60,842 crore.

On Monday, November 15, 2021, Capital Research and Management Company a/c New World Fund Inc had bought 3.41 million equity shares of PB Fintech for Rs 408 crore through block deals on NSE. The data shows that the foreign portfolio investor bought shares at a price of Rs 1,192.96 per share. The name of the seller is not yet known.

PolicyBazaar – the flagship platform – is India’s largest digital insurance marketplace, with a market share of 93.4 percent as of FY15, based on the number of policies sold through online insurance delivery platforms. It has partnered with 48 insurance companies, and has 51.1 million registered users on its platform. It has sold 20.7 million policies on its platform and has 10 million unique transacting customers.

PB Fintech’s Initial Public Offering (IPO) received a good response and the issue was subscribed almost 16.59 times. The institutional share was subscribed 24.89 times; The data shows that the share of wealthy investors is 7.82 times and that of retail investors is 3.31 times. The IPO included a fresh issue to raise Rs 3,750 crore and an offer for sale of shares worth Rs 1,960 crore by existing shareholders.

The company aims to utilize Rs 1,500 crore from the net proceeds of the issue to increase visibility and awareness of brands including ‘PolicyBazaar’ and ‘Paisabazaar’. The company is looking to use Rs 375 crore to expand its consumer base, which includes Rs 600 crore for offline presence, strategic investments and acquisitions, and Rs 375 crore for expanding presence outside India. In addition, the company is expected to get the benefit of listing of equity shares on the stock exchanges.

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