PB Fintech, online insurance policy platform Policybazaar’s parent, created a record on its market debut on Monday by emerging as the most valuable insurance marketplace in the world.
The stock closed at Rs 1,203, 22.74% over its IPO price, valuing the company at Rs 54,070 crore, more than the combined market capitalisation of two stateowned insurance firms, The New India Assurance and General Insurance Corporation.
Policybazaar had a domestic market share of 93.4% in FY20. It currently trades at 61 times market cap to sales. For FY21, PB Fintech reported Rs 887 crore revenue and a net loss of Rs 150 crore.
