The stocks of the holding company of the insurance platform Policybazaar, the PB Fintech Ltd. rose up to 11.5 percent on Thursday, 24th November 2022.
The valuation of each share accounts to 446.75 INR on today’s high while the previous valuation of each share was 400.65. whereas the Nifty50 obtained 0.55 percent on National Stock Exchange.
The company faced decline in the valuation of its shares by 356.2 INR per stock past week, after the fin-tech company’s pre-IPO investor lock-in was closed.
However the value of the stocks started rising above 10 percent since today morning but are still lower than the company’s 12-months high value of 1339 INR by 67 percent.
The Company’s annual income increased to 211.8Cr due to the change in the price of about 51 lakh shares belonging to the shares which were acquired by WF Reconnaissance Fund. Whereas, the market value of the company’s shares accounts to 19,427.38 Cr.
The investment management company Tiger Global Management stripped off 3.5 percent shares belonging to PB Fintech Ltd. at a price of 522 Cr on 11th November 2022 via free trade transaction.
According to the Historical data available on the National Stock Exchange, the Tiger Global Eight Holdings and Internet Fund III Pte, the funds run by Tiger Global Management sold about 1.6 Cr shares belonging to the Policybazaar’s holding company PB Fintech Ltd, at an average value of 370-388 INR for each share.
About the Company
The India-based insurance company Policybazaar came into existence in the month of June, 2008. The company was set up co-founders Yashish Dahiya, Alok Bansal and Avaneesh Nirjar.
The platform is housed under PB Fintech Ltd which also owns credit aggregator platform Paisabazaar. The company offers digital services through websites and mobile app.
The insurance platform changed from policy price comparison to provide insurance selling operations. The company affirms that it shares a market of 25 percent of the life insurance and 7 percent of the health insurance in the country.
The company has created a strong base in the country of its origin along with expanding its franchises in the United Arab Emirates.
The Parent company of Policybazaar, PB Fintech Ltd. released its Initial Public Offering (IPO) and secured 700 million US dollars on 15th November last year and the shares of the company started trading on both, National Stock Exchange and Bombay Stock Exchange since then.
Photo Credit-The Economic Times
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