Policybaazar operator PB Fintech gained 23% over the IPO price on stock market debut. The PB Fintech IPO listing saw a price of Rs 1,150 at the Bombay Stock Exchange.
At the last closing price, PB Fintech is valued at around Rs 54,000 crore. The company has raised Rs 3,750 crore in fresh capital in its IPO. The issue proceeds will be used to enhance its brand visibility and expand its consumer base.
The IPO had been oversubscribed by 16.6 times on its closing day. According to data from National Stock Exchange (NSE), investors put bids for 57,23,84,100 shares against 3,45,12,186 shares on offer.
Around Rs 1,500 crore will go towards brand visibility and Rs 375 crore will be used for new opportunities to expand consumer base including offline presence. The company would like to use Rs 600 crore for strategic investments and acquisitions.
"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.
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