SoftBank sells another 11.4 million shares of PB Fintech
₹762.8 apiece. 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.
After the sale, SVF Python II (Cayman) holds a 1.85% stake in the company. In December 2022 Softbank sold a 5.1% stake in PB Fintech worth ₹1,043 crore through an open-market transaction. The shares were offloaded 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. Kotak Mahindra Capital was the banker handling the share sale, reports said. With a market capitalization of ₹34,303 crore, PB Fintech has outperformed the Nifty 50 in the past year, delivering a return of 55% to investors compared to the index's return of 13.4%.
However, the stock is still trading 21% below its listing price of ₹980 on the NSE. Founded in 2008 by Yashish Dahiya and Alok Bansal as a price-comparison platform, PolicyBazaar made its public-market debut in November 2021 and gained 17% on listing. SoftBank offloaded around 20% of its stake during listing for as much as $250 million.
PB Fintech's consolidated net loss for the June quarter was ₹11.4 crore, down significantly from ₹204 crore year-on-year (YoY). Operational revenues for the quarter were up 32% YoY to ₹666 crore. PB Fintech counts Steadview Capital, Falcon, Tiger Global, SVF Python, Tencent, Inventus Capital, and True North among its investors.
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