Info Edge (India) gained 2.14% to Rs 3184.30 after the media reported that online insurance platform Policybazaar is planning to have an initial public offering (IPO) with valuation worth $3.5 billion.
Info Edge (India) is one of the investors in Policybazaar. The insurance aggregator reportedly aims to go public in 2021 at a valuation north of $3.5 billion. Further, Policybazaar reportedly plans to raise $150 million (about Rs 1,100 crore) as buffer capital during the third quarter of current fiscal as a buffer for unforeseen events.Shares of Info Edge (India) have jumped 12.35% in last five trading session from its previous closing low of Rs 2834.2 posted on 13 July 2020. The counter hit a record high of Rs 3,238 in intraday trade today.
In the past one month, the stock outperformed the market by gaining nearly 19%, as against 7% rise in Nifty 50 index.
Info Edge reported a 63.4% decline in consolidated net profit to Rs 119.10 crore on 7.8% increase in net sales to Rs 327.60 crore in Q4 March 2020 over Q4 March 2019.
Info Edge (India) runs leading internet businesses like Naukri.com, Jeevansathi.com, 99acres.com and Shiksha.com. The company also owns Quadrangle and Naukri Gulf. Info Edge has made significant strategic investments into emerging internet companies - zomato.com, meritnation.com, policybazaar.com, Canvera.com, happilyunmarried.com.
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