PolicyBazaar Shares Gain After Two Large Deals


As of Sept. 30, SoftBank, via two funds—SVF Python II (Cayman) Ltd. and SVF India Holdings (Cayman) Ltd.—owned a 10.1% stake in the Gurugram-based company.

Shares of PB Fintech Ltd. rose 1.81% to Rs 469.35 apiece as of 9:35 a.m., while the Nifty 50 gained 0.29%. The stock had gained 6.1% to hit an intraday high of Rs 489 apiece during the opening trade. The scrip is currently trading around 50% down from its IPO price of Rs 980 apiece and about 67% from its all-time high.

Of the 11 analysts tracking the company, 10 maintain ‘buy’ and one suggests ‘hold’, according to Bloomberg data. The 12-month consensus price target implies an upside of 43.8%.

Since lock-in period for several new-age companies that went public last year expired, several marquee global investors such as TPG, Lighthouse India, Alibaba, Tiger Global, and SoftBank have sold large stakes to trim their holdings in faltering stocks of FSN E-Commerce Ventures Ltd. (Nykaa), One 97 Communications Ltd. (Paytm) and Zomato Ltd.


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