Policybazaar extends gain by another 11.6%, closes at Rs 1,342

The stock is now up 37% over its IPO price of Rs 980; company is valued at Rs 60,338 crore

Shares of PB Fintech, the company that operates online insurance marketplace Policybazaar, rose another 11.6 per cent to close at Rs 1,342 on Tuesday. A day earlier, the stock had climbed 23 per cent during its stock market debut. The stock is now up 37 per cent over its IPO price of Rs 980 and the company is valued at Rs 60,338 crore. JM Financial initiated coverage on the stock with a ‘hold’ rating and a price target of Rs 1,270 but sees “significant upside risks in the medium-term.” “We value PB Fintech as of March 2030 at 8 times EV/Revenue and 35x EV/EBITDA multiple to ideally factor-in long term growth as well as dilute the impact of near-term one-offs. We then discount this valuation to December 2022 to derive our target price of Rs 1,270,” it said.