The floor price for the issue is expected to be Rs 1,660.2 per share, a 4.4% discount to Wednesday’s closing price of Rs 1,737.10.
The news was reported by ET Now. Tencent, through Tencent Cloud Europe BV, held a 4.6% stake, or over 194 million shares, in PolicyBazaar’s parent company as of June 30, 2024.
This multi-bagger stock has delivered 129% returns in the past one year and has returned 115% so far in 2024. This is a significant outperformance of the Nifty, which has returned 30% in the past one year and 15% year-to-date.
The company reported a consolidated net profit of Rs 600 crore for the quarter ended June 30, 2024, as against a loss of Rs 120 crore in the corresponding period last year. Revenue grew 52% year-on-year to Rs 10.1 crore. Total premium written in the April-June quarter was reported at Rs 48.71 crore, up 62% year-on-year. The company reported a 66% increase in new core online premiums and a 78% surge in new (health and life) premiums. Credit disbursements for the reported quarter were reported at Rs 310 crore and credit cards at 130,000. Policybazaar has a 93% market share among online aggregators and its insurance division has issued 44.3 million insurance policies so far. The total number of consumers transacted so far is 17.4 million and it has 51 insurance partners.
