IPO update: PB Fintech

PB Fintech came out with its IPO five months ago. You can find our detailed analysis of the issue. In this update, we are going to look at how the company has performed in the market since its listing and its latest financial performance. Our analysis of the IPO PB Fintech has the largest online platforms for insurance and various lending products. The company is famously known for its two flagship brands: 'Policybazaar' under which the company sells various insurance products, and 'Paisabazaar' under which it sells various lending products. In FY21, Policybazaar and Paisabazaar contributed 68.5 per cent and 31.5 per cent of the company's revenue respectively. Based on the company's leadership in the online space, its asset-light model and its partnership with various insurance companies, banks and NBFCs, we gave the company a score of 17 out of 26. A few major concerns we had were its recurring losses, continuous negative operating cash flow and revenue concentration with its top four partners. Our rating for PB Fintech was based on the following factors: Out of 11 business-related metrics, the company did well only on five. Out of six management metrics, the company did well on all of them. Out of eight financial metrics, it did well on six. On the single valuation metric, it did not do well. Stock performance since listing PB Fintech's brand status gained attention from all segments of the market. The issue was subscribed