homemarket Newsstocks NewsPB Fintech makes strong debut, shares list at 17% premium over issue price
PB Fintech makes strong debut, shares list at 17% premium over issue price
PB Fintech, the operator of insurance platform Policybazaar and financial services portal Paisabazaar, made a strong debut on Dalal Street on Monday. The initial share sale of Policybazaar and Paisabazaar operator PB Fintech, which opened for subscription from November 1 and November 3, saw an overall subscription of 16.6 times.
PB Fintech, the operator of insurance platform Policybazaar and financial services portal Paisabazaar, made a strong debut on Dalal Street on Monday. Policybazaar shares began their journey in the secondary market at Rs 1,150 apiece each on BSE and NSE, a premium of 17.4 percent over the issue price of Rs 980 of its IPO, which saw a robust response from investors.
At 10:05 am, the stock traded at Rs 1,199 on BSE, and Rs 1,196.1 on NSE.
The initial share sale of PB Fintech, which was open for subscription from November 1 and November 3, saw an overall subscription of 16.6 times the shares on offer. The Policybazaar IPO received bids for 57.2 crore equity shares as against the offer size of 3.5 crore. Shares were available for bidding in a price band of Rs 940-980 in multiples of 15.
The portion reserved for qualified institutional buyers (QIBs) was subscribed 24.9 times, and that for non-institutional investors 7.8 times. The retail investor's category saw a subscription of 3.3 times.
The IPO comprised fresh issuance of shares worth Rs 3,750 crore and an offer for sale (OFS) worth Rs 1,960 crore. The SoftBank-backed startup raised around Rs 2,569 crore from 155 anchor investors prior to the public offer.
Policybazaar is the flagship platform of PB Fintech and is India's largest digital insurance marketplace. In FY20, it had a market share of over 94 percent. It has over 48 partner insurers, over 51 million consumers and over 20 million policies with 10 million unique transacting consumers.
First Published: Nov 15, 2021 10:01 AM IST
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