The stock made its debut at Rs 1,150, up 17.34 per cent on both the BSE and NSE.
It then gained 22.95 per cent to Rs 1,205 on the BSE.
The initial public offer of PB Fintech Limited was subscribed 16.59 times earlier this month.
Mumbai:
Shares of PB Fintech Ltd, which operates online insurance platform Policybazaar and credit comparison portal Paisabazaar, listed with a premium of over 17 per cent against its issue price of Rs 980 on Monday.
The stock made its debut at Rs 1,150, up 17.34 per cent on both the BSE and NSE.
It then gained 22.95 per cent to Rs 1,205 on the BSE.
The initial public offer of PB Fintech Limited was subscribed 16.59 times earlier this month.
The Price range for the Rs 5,710-crore offer was at Rs 940-980 per share.
PB Fintech commanded a market valuation of Rs 52,800.49 crore on the BSE in early trade.
The IPO was valued at 46.3x FY22 Mcap/Sales on a post issue and annualized basis, which seems expensive compared to global peers, Motilal Oswal Securities had said in an IPO note.
Policybazaar – the flagship platform –is India’s largest digital insurance marketplace, market share as of FY20 was 93.4 per cent, based on the number of policies sold through online insurance distribution platforms.
It has partnered with 48 insurers, and has 51.1 million registered consumers on its platform. It has sold 20.7 million policies on its platform and has 10 million unique transacting customers.
The company aims to utilize Rs 1,500 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. In addition, the company expects to receive the benefits of listing of the equity shares on the stock exchanges.