SoftBank-Backed Policybazaar’s Shares Rise 22%, Top INR 1,200 On Listing Day

The investors who were allotted shares in the IPO of P.B. Fintech, the parent of Policybazaar, witnessed strong returns as the shares debuted on the exchanges today.

The shares listed at 17.35% premium on both BSE and NSE at INR 1,150 apiece.

Its market capitalisation at the end of the day was INR 54,070.33 Cr.

At the end of the day’s trade, shares of the insurtech unicorn on the BSE were at INR 1,202.90, higher by INR 52.90 or 4.60% from its listing price and INR 222.90 or 22.74% from its issue price.

The share price surged as high as 27.4% to hit a high of INR 1,249 on the BSE.

On NSE, its shares ended the first day’s trade at INR 1,201.60, higher by INR 51.60 or 4.49% from the listing price of INR 1,150 a share.

The strong market debut of P.B. Fintech comes after it recorded a 16-time subscription of its initial public offering (IPO) which ended on November 3.

The Policybazaar offer 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.

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.

The fintech unicorn’s OFS included shares worth up to INR 1,875 Cr from SVF Python II (Cayman) Limited. It included Policybazaar CEO and cofounder Yashish Dahiya’s stocks worth INR 30 Cr on the block and cofounder and CFO Alok Bansal’s stocks worth up to INR 12.75 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.