BENGALURU :PB Fintech Ltd, the SoftBank-backed parent of online insurance aggregator Policybazaar, rose as much as 27per cent in its market debut on Monday, with investors betting on an under-penetrated insurance market in the country.
The IPO, which included a fresh issue of 37.5 billion rupees , was oversubscribed nearly 17 times in early-November. SoftBank unit SVF Python II Ltd sold shares worth 18.75 billion rupees in the offering. Life insurance penetration among India's population stood at 2.82per cent in 2019, compared with 2.15per cent in 2001, the latest annual report from the Insurance Regulatory and Development Authority showed.
Along with Policybazaar, refined wood pulp maker Sigachi Industries and decorative aesthetics products maker SJS Enterprises also made their market debuts. While Sigachi rose 267per cent, SJS was down 1per cent.