Policybazaar surges 16% after strong debut
Published On: Tuesday, November 16, 2021 | By: Team KnowMyStock
Shares of PB Fintech, the parent company of Policybazaar, rallied another 16 percent to Rs 1,397 on the National Stock Exchange (NSE) in Tuesday’s intra-day trade after a strong market debut on Monday. With today’s rally, the stock has surged 43 percent against its issue price of Rs 980 per share. The stock listed at 17.35% premium on the BSE and hit an intraday high of Rs 1,249.00, The initial share sale was oversubscribed nearly 17 times. A sharp rally in the market price of the company has helped PB Fintech enter the top-100 most valuable companies in terms of market capitalization with a market cap of Rs 60,842 crore and stood at the 95th position overall market-cap ranking, the BSE data showed. The company is a leading Fintech firm that aims to enhance its visibility and awareness along with increasing its customer base which is expected to be beneficial for the company.
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.
Tags: POLICY BAZAR IPO Fintech
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