First Day Of The IPO For Policybazaar

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First Day Of The IPO For Policybazaar
01 Nov 2021
6 min read

News Synopsis

Subscriptions for PB Fintech's initial public offering (IPO), which operates the online insurance platform Policybazaar and the credit comparison website Paisabazaar, will begin today. The pricing range for the three-day share sale has been set at $940-980, with the offering scheduled to end on November 3. The company intends to list on the NSE and BSE, two major stock markets, on November 15. The company is expected to benefit from the abundance of commercial opportunities available in the digital insurance and credit industries. At a price band of Rs. 980, PBFL is asking for a 40.5x EV/TTM Sales multiple, which appears to be rather strained.

The company's insurance broker license, along with India's low online insurance penetration, provides tremendous long-term growth opportunities, but the current valuation appears to be fairly excessive. Goldman Sachs, Nomura, BlackRock Global Funds, Morgan Stanley, Canada Pension Plan Investment Board, Fidelity, Abu Dhabi Investment Authority, ICICI Prudential Mutual Fund, SBI MF, Axis MF, and UTI MF are among the anchor investors.