Mumbai: shares of PB Fintech Ltd. rose by 17.35% from the IPO price to Rs 1,150.00 on listing, stating Policybazaar India The market capitalization of the parent is Rs 51,692.48 crore.

In comparison, the new age internet firm Zomato Ltd. market cap of

Parent FSN E-commerce Ventures Ltd had topped the Rs 1 lakh crore mark within the first few hours of trading at its stock market opening.

“We are fortunate to have found a solution to a problem where we can educate people about the need for life insurance,” Yashish Dahiya, cofounder of PB Fintech, said during a listing event on the National Stock Exchange on Monday. “We have a long way to go”.

NSE CEO Vikram Limaye welcomed the company to the national stock exchanges. “PB Fintech’s listing continues the story of new-age tech companies,” he said. “Indian markets have accepted the model of these companies that cannot be valued by traditional methods.”

Initial Public Offering (IPO) of PB Fintech Ltd., which operates online insurance platform PolicyBazaar and financial services portal Paisabazaar,
was subscribed 16.59 times Last week. The IPO, which opened on November 1, consisted of a fresh issue of stock worth Rs 3,750 crore and an offer for sale worth Rs 1,960 crore. softbank backed firm
Raised more than Rs 2,569 crore 29 October from 155 anchor investors. The price band was fixed at Rs 940-980 per share.

PB Fintech will use the proceeds from the IPO to increase visibility and awareness of brands, explore new opportunities to expand the consumer base—including offline presence, strategic investments and acquisitions—and expand its presence outside India.