PB Fintech (Policybazaar) jumped 14.09% to Rs 1,372.35 after Capital Research and Management Co purchased 0.76% stake in newly listed PB Fintech (Policybazaar) via bulk deal on NSE yesterday.
As per the bulk deal data on the NSE, Capital Research and Management Co A/C New World Fund Inc purchased 34,18,354 shares, or 0.76% stake, of PB Fintech (Policybazaar) on Monday at an average price of Rs 1,192.96 per share.The scrip was listed yesterday at Rs 1150, a premium of 17.35% to the issue price of Rs 980. The stock has advanced 19.3% from its listing price.
The initial public offer (IPO) of PB Fintech received was subscribed 16.58 times. The issue opened for bidding on 1 November and it closed on 3 November. The price band of the IPO was fixed at Rs 940-980 per share.
The IPO consisted of a fresh issue to raise Rs 3,750 crore and an offer for sale of shares worth Rs 1,959.72 crore by existing shareholders.
The company aims to utilize Rs 1500 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.
PB Fintech, owner of Policybazaar and Paisabazaar platforms, is India's largest online platform for insurance and lending products leveraging the power of technology, data, and innovation. It provides convenient access to insurance, credit and other financial products and aims to create awareness amongst Indian households about the financial impact of death, disease, and damage.
The company reported a net loss of Rs 110.84 crore and sales of Rs 237.73 crore in the quarter ended on 30 June 2021.
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