The new-age startup attracted major fund action as the Capital Research and Management Company bought 34,18,354 equity shares or 0.76 per cent stake in the company.
The stake purchase in the recently listed player, which made its debut on Monday, was done at the price of Rs 1,192.96 per share on the NSE, bulk deals data showed.
Following the update, shares of PB Fintech surged as much as 18 per cent to Rs 1,418.60 on Tuesday to give up some gains to trade at Rs 1,398.05 at 10 am. The scrip had settled at Rs 1,202.90 on its first day.
BSE barometer and benchmark Sensex was trading 191.42 points, or 0.32 per cent, lower at 60,527.29 at the time of writing this report.
PB Fintech was listed at a premium of more than 17 per cent at Rs 1,150 on Monday over its issue price of Rs 980. The scrip surged a further 4 more per cent to take the listing day pop to 22 per cent.
With the rally on Tuesday, the total gains to investors in the shares of PolicyBazaar has hit 45 per cent over its issue price.
The initial stake sale of PB Fintech was open for subscription between November 1-3. It raised Rs 5,625 crore via the primary route, selling its shares in the range of Rs 940-980 a piece.
The issue was subscribed 16.59 times, thanks to the solid interest of institutional buyers. However, analysts were concerned about the expensive valuations of the issue.
