PolicyBazaar Shares End 22.6% Higher On Market Debut
Shares of PB Fintech Ltd., the parent of policybazaar.com and paisabazaar.com, gained on market debut after its initial public offering witnessed healthy demand.
The stock listed at Rs 1,150 apiece, a 17.3% premium to its IPO price of Rs 980, according to Bloomberg data. The stock then hit an intraday low and high of Rs 1,149 and Rs 1,248.9, before ending at Rs 1,201.6 apiece, up 22.6%.
Institutional investors led the share sale, which saw a 16.59-times subscription. The IPO comprised a fresh issue worth Rs 3,750 crore, and an offer for sale of Rs 1,959.7 crore. The price band was set at Rs 940-980.
The company plans to use a major chunk of the proceeds from the fresh issue to enhance awareness of brands, including Policybazaar and Paisabazaar. It will also spend on increasing consumer base, funding strategic investments and acquisitions and expanding presence outside India.