In comparison, the market cap of new-age internet firms Zomato Ltd. and
parent FSN E-Commerce Ventures Ltd. had topped the Rs 1 lakh-crore mark within the first few hours of trading on their stock market debuts.
“We are lucky we got to solve a problem where we could educate people about the need for life insurance,” PB Fintech’s cofounder Yashish Dahiya said during the listing event at the National Stock Exchange on Monday. “We have a long way to go”.
NSE CEO Vikram Limaye welcomed the company at the national bourses. “The listing of PB Fintech propels the story of new-age tech companies,” he said. “Indian markets have accepted the models of these companies which cannot be evaluated in conventional ways.”
The NSE Bell has been rung in celebration of the PB Fintech Limited listing on the Exchange! #NSE #Listing… https://t.co/6oS5BJbkrN
— NSEIndia (@NSEIndia) 1636951040000
Congratulations @policybazaar @YashishDahiya for a very good listing. It’s been thirteen years – what a journey
— Sanjeev Bikhchandani (@sbikh) 1636951605000
The initial public offering (IPO) of PB Fintech Ltd, which operates online insurance platform Policybazaar and financial services portal Paisabazaar,
was subscribed 16.59 times last week. The IPO, which opened on Nov. 1, comprised a fresh issue of stock worth Rs 3,750 crore and an offer for sale valued at Rs 1,960 crore. The SoftBank-backed firm
had raised more than Rs 2,569 crore from 155 anchor investors on Oct. 29. The price band was set at Rs 940-980 per share.
PB Fintech will utilise the IPO proceeds to enhance visibility and awareness of brands, find new opportunities to expand consumer base—including offline presence, strategic investments, and acquisitions—and expand its presence outside India.
