Shares of PB Fintech, the parent company of Policybazaar, rallied another 16 per cent to Rs 1,397 on the National Stock Exchange (NSE) in Tuesday’s intra-day trade after a strong market debut on Monday. With today’s rally, the stock has surged 43 per cent against its issue price of Rs 980 per share.
A sharp rally in the company’s market price has helped PB Fintech enter the top-100 most valuable companies in terms of market capitalization (market-cap). In the morning trade, with a market cap of Rs 60,842 crore, PB Fintech stood at the 95th position in the overall market-cap ranking, the BSE data showed.
On Monday, November 15, 2021, Capital Research And Management Co A/C New World Fund Inc had purchased 3.41 million equity shares worth Rs 408 crore of PB Fintech via block deals on the NSE. The foreign portfolio investor bought shares for Rs 1,192.96 per share, data shows. The name of the seller was not ascertained as of now.
Policybazaar is the flagship platform is India’s largest digital insurance marketplace, market share as of FY20 was 93.4 per cent, based on the number of policies sold through online insurance distribution platforms. It has partnered with 48 insurers and has 51.1 million registered consumers on its platform. It has sold 20.7 million policies on its platform and has 10 million unique transacting customers.