SUMMARY
Its IPO was subscribed 16 times with demand across investor categories
On October 29, P.B. Fintech mobilised INR 2,569.37 Cr in its anchor investment round
It is the third new age company to get listed of late, after Nykaa and Fino Payments Bank
P.B. Fintech, which runs Paisabazaar and the insurtech unicorn Policybazaar, listed on the stock exchanges today in line with market expectations at a 17.35% premium than the issue price of INR 980.
It got listed at INR 1,150 per share on both — Bombay Stock Exchange (BSE) and National Stock Exchange (NSE),
Around 11 a.m, its shares on the BSE were trading at INR 1,187.85, higher by INR 37.85 or 3.29 % than the listing price of INR 1,150. The price was INR 207.85 or 21.21% higher than the issue price.
Similarly, on the NSE, its shares were trading at INR 1,188.80, higher by INR 208.80 or 21.31% than the issue price.
The strong market debut of the fintech major has largely been in tandem with market expectations after it recorded a 16-time subscription of its initial public offering (IPO) which ended on November 3.
The Policybazaar offer, from November 1 to November 3, attracted bids worth a total of nearly $7.53 Bn (INR 56,093.64 Cr) at the upper limit of the IPO price band of INR 940 – INR 980.
Market sentiments strengthened after a bumper listing of beauty and fashion unicorn Nykaa, which gave its investors a nearly 100% return on its market debut. Fino, however, witnessed a weak response on its maiden day at the exchanges and was listed at over 5% discount on November 12.
On October 29, P.B. Fintech mobilised INR 2,569.37 Cr from 155 anchor investors, including major global investors Abu Dhabi Investment Authority, Canada Pension Plan Investment Board, and Goldman Sachs. The IPO included a fresh issue of up to INR 3,750 Cr.
Founded by Yashish Dahiya, Alok Bansal, and Avaneesh Nirjar in 2008, PolicyBazaar aggregates insurance policies from a range of providers for use-cases, including life insurance, automobile insurance, health insurance and more
