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PB Fintech Share Price: In Friday’s trading session, a big movement can be seen in Policybazaar i.e. PB Fintech’s share. SoftBank invested in Policybazaar can sell 5 percent of its total stake through a block deal. It is believed that the base price for this block deal has been fixed at Rs 440.
SoftBank has a 10 percent stake in PolicyBazaar. After selling the stake through the block deal, Soft Bank will be left with only 5 per cent stake in PolicyBazaar. It is believed that on Thursday, December 1, Soft Bank is going to sell its stake at a discount of 5 percent from the closing price of Policybazaar. On Thursday, PB Fintech shares closed at Rs 461.55, up 2.05 per cent. Soft Bank will get Rs 1,000 crore through this block deal. Citibank is acting as the broker for the deal.
SoftBank had invested $ 199 million in PolicyBazaar and the company sold shares for $ 250. Soft Bank earned a return of 2.5 times on its investment.
PB Fintech’s IPO came in 2021. The listing of the stock was done in November but investors are facing huge losses on their investments. The IPO was issued at a price of Rs 980 per share. But the stock is trading 53 per cent below its issue price.
According to the results announced by PB Fintech for the September quarter 2022-23, the company had a loss of Rs 186.63 crore. While in the same quarter in the middle year, the company had a loss of Rs 204 crore. The company’s revenue has increased by 105.11 percent to Rs 573.47 crore from Rs 279.58 crore in the corresponding quarter last year.
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