Policybazaar listed at Rs 1,150, a 17 per cent premium over to its issue price of Rs 980
Published On: Monday, November 15, 2021 | By: Team KnowMyStock
With shares listed at Rs 1,150, a 17 percent premium over its issue price of Rs 980 per share on the BSE PB Fintech, the parent company of Policybazaar, made a good stock market debut. Post listing, the stock moved higher to Rs 1,194.95, a 22 percent premium to its issue price. At 10:02 am; PB Fintech was trading at Rs 1,185, up 3 percent from its opening level on the BSE. In comparison, the S&P BSE Sensex was up 0.40 percent at 60,928. Around 468,000 equity shares changed hands at the counter on the NSE and BSE. The Initial Public Offering (IPO) of PB Fintech had received a good response with the issue subscribed nearly 16.59 times. The institutional portion was subscribed 24.89 times; the wealthy investor portion by 7.82 times and the retail investor portion 3.31 times, data shows. The IPO consisted of a fresh issue to raise Rs 3,750 crore and an offer for the 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 for enhancing visibility and awareness of brands, including but not limited to 'Policybazaar' and 'Paisabazaar'. The company wants to utilize Rs 375 crore for pursuing new opportunities to expand its consumer base including offline presence, Rs 600 crore for strategic investments and acquisitions and Rs 375 crore for expanding presence outside India. In addition, the company expects to receive the benefits of listing of the equity shares on the stock exchanges.
Policybazaar – the flagship platform –is India’s largest digital insurance marketplace, market share as of FY20 was 93.4 per cent, based on the number of policies sold through online insurance distribution platforms. It has partnered with 48 insurers, and has 51.1 million registered consumers on its platform. It has sold 20.7 million policies on its platform and has 10 million unique transacting customers.
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