India's Policybazaar surges 18% after strong market debut

Sigachi Industries

16/11/2021 06:35

** Shares of PB Fintech  PBFI.NS , the parent of insurance
aggregator Policybazaar, rise as much as 18% to 1,418.40 rupees
    ** The surge comes a day after the SoftBank-backed company
ended up 22.7% on its Indian market debut 
    ** "We like PB Fintech given its leadership position in both
digital insurance and consumer credit marketplace," says
Siddhartha Khemka, head research (retail) at Motilal Oswal
Financial Services
    ** Given its niche platform, PB Fintech is well placed to
tap the high growth digital, online penetration in insurance and
consumer credit market - Khemka
    ** PBFI's IPO, which included a fresh issue of 37.5 billion
rupees ($504.44 million), was oversubscribed nearly 17 times in
early-November
    ** Launched in 2008, Policybazaar is an online platform for
customers and insurer partners to buy and sell products
    ** Several Indian startups like food-delivery firm Zomato
 ZOMT.NS  and cosmetics-to-fashion platform Nykaa  FSNE.BO  have
tapped capital markets recently and witnessed stellar debuts
    ** Meanwhile, shares of the pharma and food ingredients
maker Sigachi Industries  SIGC.NS  rise 5% after making their
debut at 250% premium on Monday 
    ** PBFI's gain comes amid a weaker broader market  .NSEI ,
which is down 0.3%

 (Reporting by Nallur Sethuraman in Bengaluru)
 ((Sethuraman.NR@thomsonreuters.com; (Within U.S.
1-646-223-8780, Outside U.S. +91 8067496031); Reuters Messaging:
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