Policybazaar, PB Fintech share price: The heat of pre-IPO (Initial Public Offer) investors’ lock-in expiry has likely doused as shares of Policybazaar operator PB Fintech jumped nearly 12 per cent to touch a day’s high-level Rs 447.8 per share on the BSE intraday during Thursday’s trading session.

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The buying sentiment in the stock can mainly be attributed to the bulk deals activity witnessed during Wednesday’s session.

In this regard, Capri Global Holdings Private Limited through an open market transaction yesterday bought 13,19,853 equity shares of PB Fintech at the weighted average price of Rs 228.77 per share on the NSE.

Tiger Global offloads nearly 3% stakes in PB Fintech worth Rs 522 crore

With respect to July-September quarter earnings for the current fiscal year, PB Fintech has reported improved numbers, said domestic brokerage firm ICICI Securities.

The brokerage said that PB Fintech’s Q2FY23 performance was good on all counts as premium growth has been encouraging; disbursements too have been good in Paisabazaar; rates increased in the insurance business and lower losses in new initiatives while fixed costs remained range bound.

Besides, the roadmap presented by management is also positive with the aim to reach Rs 8-10 billion in adjusted EBITDA by FY27 and they also remain focused on its target of Rs 10 billion PAT by FY27.

ICICI Securities maintains BUY with a revised target price of Rs 550 apiece from Rs 700 a share factoring in the threat of possible competition from the proposed insurance marketplace. While its FY27E EBITDA remains unchanged and its FY27E valuation multiple reduced to 30x from 38x earlier.