PB Fintech Sees INR 871 Cr Stake Sale; SoftBank Likely Seller

SUMMARY

1.14 Cr shares of Policybazaar and Paisabazaar parent PB Fintech, representing a 2.5% stake in the company, were exchanged in a block deal window

The identities of the buyers and sellers have not been officially confirmed

Japan's SoftBank was planning to sell its shares in the company through a block deal, with an estimated value of up to $105 Mn

On Friday (October 6), 1.14 Cr shares of Policybazaar and Paisabazaar parent PB Fintech, representing a 2.5% stake in the company, were exchanged in a block deal.

The total value of this transaction amounted to around INR 871.2 Cr, CNBC reported.

The identities of the buyers and sellers have not been officially confirmed. However, as per reports, Japan’s SoftBank was planning to sell its shares in the company through a block deal, with an estimated value of up to $105 Mn (INR 876 Cr).

The shares might be transacted at a slight discount, between 0-2% below the market price of INR 767 per share. SoftBank’s entity, SVF Python II (Cayman) Limited, previously holding 4.39% in PB Fintech, is now estimated to have reduced its stake to approximately 1.85%.

Earlier in December, SoftBank sold a 5.1 percent stake in PB Fintech in December 2022.

PB Fintech’s shares were trading at INR 765.35 on BSE at 11:30 am, October 6.

The four listed Indian startups in SoftBank’s portfolio – Zomato, Paytm, Delhivery, and PB Fintech – together added over $100 Mn to SoftBank Vision Fund 1’s (SVF1) books in the quarter ending March 2023.

PB Fintech contributed $54 Mn to SVF1 in the January-March quarter. The investment giant’s total gains from the insurtech major stood at $356 Mn as on March 31, 2023.

PB Fintech reported a 94% year-on-year (YoY) decline in its net loss to INR 11.9 Cr in the June quarter of the financial year 2023-24 (FY24) from INR 204 Cr in the year-ago quarter.

Operating revenue surged 32% to INR 666 Cr during the quarter under review from INR 505 Cr a year ago.