Policybazaar gains over 22 pc on stellar stock market debut
PB Fintech, the parent company of Policybazaar and Paisabazaar, had a stellar debut on the stock market, gaining 22.72 percent on day one.
had priced its initial public offering (IPO) at Rs 980 per equity share, and it debuted at Rs 1,150 and continued to move around this range and closed at Rs 1,202.90 on the BSE. The market capitalisation of the company stood at Rs 54,070.33 crore.
Policybazaar raised Rs 5,625 crore through its IPO, which was subscribed 16.58 times when it was open for subscription between November 1st and 3rd at a price range of Rs 940-980.
The IPO consisted of Rs 3,750 crore and an offer for of sale of Rs 1,960 crore. It had raised Rs 2569.73 crore from 155 anchor investors ahead of its IPO.
After the successful IPO of biggest digital policy sellers in the country., , and , PolicyBazaar’s listing comes as a major point of interest as it is one of the
The Gurugram-based firm operates in India’s under-penetrated insurance market, which already saw a boom in insurance buying during the pandemic. the company allows online users to compare life, health and car insurance, among other insurance policies, from several firms before buying.
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Policybazaar founder Yashish Dahiya
“We had to work very hard to make people realise the merit of purchasing insurance online and how comparison is truly the only way.”