PolicyBazaar IPO Creates 70 Crorepatis; Enters Top 100 Indian Companies List
The parent company of Policybazaar and Paisabazaar, PB Fintech is trading 4.8% higher at Rs 1406.20 at 1:35 pm on Wednesday, two days after listing on the Indian exchanges.
The fintech company listed 17.35% higher than its IPO price of Rs 980 to Rs 1,150 on its debut-day, Monday.
An American fund lapped up almost 3% of the fintech stock’s shares on Monday, while the surge in Policybazaar’s shares has pushed it in the list of the top 100 most valuable companies in terms of market capitalization.
American Fund Laps 3% of Policybazaar’s Shares
After its stellar debut on the Indian bourses, Policybazaar’s market capitalisation increased to Rs 63,289 crore on Tuesday. Until yesterday, the fintech company had generated a return of 17% to its investors in only 2 days.
A part of the Capital Group, an American fund has bought almost 3.5 million equity shares of Policybazaar, priced at 1,912 apiece on Monday on the NSE, as per bulk deals data.
This makes up for almost 3% of the company’s shares available for trading.
PB Fintech Ranks 98th
Due to its stellar performance, PB Fintech has entered the list of the country’s most-valued companies in terms of market capitalization.
The fintech player ranks 94th among the most valued companies in India, ahead of major players like Hero Motocorp, Bosch and JSW Energy.
Fintech’s Rs 5,625-crore IPO was subscribed 16.59 times earlier this month, receiving bids worth Rs 56,093.64 crore from investors.
Analysts believe the stock to be on the slightly more expensive side compared to global competitors but due to its positioning and market share in the digital insurance marketplace, brokerage houses and market experts are bullish about the company.
“We are lucky as a company to solve a problem where we can educate people about the need for life and health insurance,” says Yashish Dahiya, co-founder of PB Fintech.