On the buy side, the shares were absorbed by a diverse group of institutional investors, including National Pension System Trust, Tata Mutual Fund, Morgan Stanley Asia Singapore, Goldman Sachs Bank Europe, BNP Paribas Financial Markets and several funds managed by Wasatch Advisors.
Other investors participating in the transaction included Viridian Asia Opportunities Master Fund, Ghisallo Master Fund, St James’s Place Emerging Markets Equity Unit Trust, Societe Generale and multiple pension and retirement funds from the US.
The deal comes after a strong run in PB Fintech shares over the past year, driven by improving profitability, growth in its insurance distribution business and continued expansion of its credit marketplace.
PB Fintech operates digital platforms Policybazaar and Paisabazaar, which are among the country’s largest online insurance and lending marketplaces.
Shares of PB Fintech will remain in focus as investors assess the impact of the stake sale and changes in promoter shareholding following the transaction.
