New Delhi: The shares of PB Fintech, which operates online insurance aggregator Policybazaar, made a strong debut at the exchanges on Monday. The stock gained 17.35 per cent over its issue price (Rs 980) to list at Rs 1,150 per share. It also touched an intraday high of Rs 1,205. The company’s market capitalisation surged to Rs 52,793 crore.
“We are lucky as a company to solve a problem where we can educate people about the need for life and health insurance. The penetration is still very low and we have a long way to go,” PB Fintech’s cofounder Yashish Dahiya said during the listing event at the National Stock Exchange (NSE).
NSE CEO Vikram Limaye welcomed the company at the bourses. “The listing of PB Fintech propels the story of new-age tech companies,” he said.
The initial public offering (IPO) of PB Fintech Ltd was subscribed 16.59 times last week.
Policybazaar’s Rs 5,625 crore IPO comprised a fresh issue of Rs 3,750 crore, along with an offer for sale (OFS) of Rs 1959.72 crore by existing promoters and shareholders.
Policybazaar plans to utilise a part of its the fresh issue proceeds, after deducting the offer related expenses, for enhancing its visibility and awareness of brands (including but not limited to Policybazaar and Paisabazaar).
It aims to utilise Rs 375 crore in new opportunities to expand its consumer base including offline presence.
Operated by PB Fintech, the portal offers technology solutions focused on automation. It provides choice and transparency for research, to support customers in selecting insurance and personal credit products.