Good Morning,
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 , , and , PolicyBazaar’s listing comes as a major point of interest as it is one of the biggest digital policy sellers in the country.
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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News & Updates
- Shares of beauty and cosmetics retailer Nykaa fell 108.85 basis points to Rs 2,250.05 apiece during opening of trade on the stock markets on Monday on the BSE. The shares had closed at Rs 2,358.90 apiece during the previous day’s trade.
- , the digital supply chain financing platform from Moglix, has entered the export-import (EXIM) financing space, with its acquisition of NuPhi. The acquisition comes shortly after Moglix’s entry into the Middle East region.
- About 92 percent of eBay-enabled SMBs in India have exported locally-made products to more than 10 international markets in 2021, according to the ecommerce giant.
Before you go, stay inspired with…
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.”
— Yashish Dahiya, CEO, PolicyBazaar
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This news is republished from another source. You can check the original article here
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