The floor price for the issue is expected at Rs 1,660.2 per share, which is at a discount of 4.4% over Wednesday’s closing price of Rs 1737.10.
The news was reported by ET Now. Tencent held a 4.6% stake representing over 1.94 crore shares in the Policybazaar parent through Tencent Cloud Europe B.V. as of June 30, 2024.
The multibagger stock has delivered 129% returns over the past one-year period while its returns in 2024 so far have been to the tune of 115%. This is a significant outperformance over Nifty, which has yielded 30% in the last one year while returning 15% on a year-to-date basis.
The company had reported a consolidated net profit of Rs 60 crore for the quarter ended June 30, 2024, against a loss of Rs 12 crore reported in the year-ago period. The revenue grew 52% YoY to Rs 1,010 crore.The total insurance premium for the April-June quarter was reported at Rs 4,871 crore, growth of 62% on a YoY basis.The company reported a 66% YoY jump in its new core online insurance premium while the new (Health & Life Insurance) premium surged by 78%. The credit disbursal for the reported quarter stood at Rs 3,100 crore with credit cards reported at 1.3 lakh.Policybazaar has a 93% market share among online aggregators and the insurance arm has issued 44.3 million insurance policies to date. The total transacting consumers stand at 17.4 million along with 51 insurance partners to date.