Mumbai: Japanese tech investor SoftBank on Friday sold an additional 2.54% stake or 11.4 million shares in Policybazaar parent PB Fintech Ltd through a bulk deal. Shares were sold on 762.8 each. Financial services firm Societe Generale bought 0.58% or 2.6 million shares in the company at the same price.
Before the sale, SoftBank held a 4.39% stake in PB Fintech through its entity SVF Python II (Cayman) Ltd. Following the sale, SVF Python II (Cayman) holds a 1.85% stake in the company.
SoftBank sells 5.1% stake in PB Fintech Value in December 2022 1,043 crore through open market transactions. Shares were sold at an average price of 456.4. Goldman Sachs Singapore Pte, Societe Generale, Morgan Stanley Mauritius and Max Life Insurance Company were among the buyers. The report said Kotak Mahindra Capital was the banker handling the share sale.
With a market capitalization of Rs 34,303 crore, PB Fintech has outperformed the Nifty 50 in the last year, giving investors returns of 55% compared to the index’s return of 13.4%. However, the stock is still trading 21% below its listing price 980 on NSE.
Founded in 2008 as a price-comparison platform by Yashish Dahiya and Alok Bansal, PolicyBazaar made its public market debut in November 2021 and gained 17% upon listing. SoftBank sold about 20% of its stake during the listing for $250 million.
PB Fintech posts consolidated net loss in June quarter Far below 11.4 crores Year-to-date (YoY) Rs 204 crore. Operating revenue for the quarter increased by 32% year-on-year 666 crores. PB Fintech counts Steadview Capital, Falcon, Tiger Global, SVF Python, Tencent, Inventus Capital and True North among its investors.
In August 2023, Mint reported that SoftBank sold 1.17% stake (100 million shares) in Zomato. 947 crores.
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