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PB Fintech Trades 24% Higher After Decent IPO Debut

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In line with the gains on the headline indices, PB Fintech, the parent company of Policybazaar made a positive listing. On both the exchanges, the stock listed at a price of Rs. 1150 per share i.e. a premium of 17.35 percent in comparison to IPO issue price of Rs. 980. Upon listing the scrip commanded a market-cap of Rs. 51,692 crore.

 
PB Fintech Trades 24% Higher After Decent IPO Debut

At the time of writing this story at around 11:14 am, the stock traded higher by close to 24 percent at Rs. 1213 per share on the NSE.

The company's Rs. 5600 crore IPO comprise fresh equity issuance worth Rs. 3750 crore as well as offer for sale by existing shareholders worth Rs. 1875 crore. The issue was subscribed 16.59 times.

The proceeds from the issue will be deployed in enhancing the visibility as well as awareness about the brands while an amount to the tune of Rs. 375 crore will be put to finance new opportunities. Additionally, the company intends to use Rs. 600 crore for strategic acquisitions and investments related activities and the balance Rs. 375 crore towards expanding business outside India.

On the debut, Mr. Manoj Dalmia, Founder and Director of Proficient Equities made the following remarks "The issue made an opening with Rs 1150 per share Rs 170 up from issue price Rs 980. The issue seems overvalued at 46x FY22 Mcap/Sales on a post-issue basis suggesting to book profits . Expect a good demand if earning are positive in the coming weeks.

GoodReturns.in

Read more about: ipo listing ipo
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