As per the bulk deal data on the NSE, SVF India Holdings (Cayman) offloaded 2,28,42,424 shares, or 5.08% equity, in the company. The entity is a subsidiary of SoftBank.
The shares were offloaded at an average price of ₹ 456.40 each, taking the transaction value to ₹ 1,042.52 crore.
Post the latest transaction, SoftBank's shareholding in the company will reduce to 5.08% from 10.16% as on 30 September 2022.
Morgan Stanley Mauritius Company and Societe Generale were among the buyers on Friday.
Morgan Stanley Mauritius Company bought 27,30,000 shares, or 0.61% equity while Societe Generale bought 26,00,000 shares, or 0.58% equity, in PB Fintech. Both the transactions were struck at ₹ 456.40 per share.
PB Fintech, the owner of Policybazaar and Paisabazaar platforms, is India's largest online platform for insurance and lending products.
Shares of PB Fintech jumped 4.68% to ₹ 483.15 on Friday, 2 December 2022.
The PB Fintech scrip was listed on 15 November 2021 at ₹ 1150, a premium of 17.35% to the issue price of ₹ 980. The stock is currently 50.70% below its initial public offer (IPO) price. It hit a record low of ₹ 356.20 on 17 November 2022.
The IPO of PB Fintech received was subscribed 16.58 times. The issue opened for bidding on 1 November 2021 and it closed on 3 November 2021. The price band of the IPO was fixed at ₹ 940-980 per share.
On a consolidated basis, PB Fintech reported net loss of ₹ 186.64 crore in Q2 September 2022, lower than net loss of ₹ 204.44 crore in Q2 September 2021. Revenue from operations surged 105.1% year on year to ₹ 573.47 crore in Q2 September 2022.
During the quarter, total expenses jumped 62.6% to ₹ 815.12 crore. Advertising and promotion expenses surged 93.51% to ₹ 312.38 crore. Network and internet expenses increased 36.69% to ₹ 24.33 crore. Employee benefit expense climbed 48.37% to ₹ 410.29 crore.
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