Aequitas Research - Info Edge India Ltd. (NAUKRI) ... PB Fintech (Policybazaar) IPO

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Aequitas Research

Sumeet Singh

EUR 91.87 For Business Accounts Only

PB Fintech (Policybazaar) IPO

PB Fintech (PBF), India’s largest online platform for insurance and lending products, aims to raise up to US$793m via selling a mix of primary and secondary shares in its India IPO. The company is backed by a strong set of investors including Info Edge, Tencent, Temasek, Tiger Global and Softbank.

The company operates two platforms: Policybazaar operates in India’s online insurance product and service industry; and Paisabazaar platform operates in India’s online credit industry. As per Frost & Sullivan, the company is a leader in the online sphere in both segments.

Despite Paisabazaar having taken a hit due to COVID-19, the company has managed to grow its revenue by 80% over FY19-21. In addition, it has been able to rein in expenses as well leading to an improvement in margins. Although, it was still making losses in FY21.
On the flip side, its growth has come on the back of large ad spending and given the transactional nature of both of its platforms combined with the increase in competition, its ad spending will probably remain high.

We have covered most aspects of the deal in our previous note, PB Fintech (Policybazaar) Pre-IPO - Growth masks strategy missteps and patchy disclosures. In this note, we will talk about updates since our last note and valuations.

28/10/2021 5 EN

Underlyings

Info Edge India Ltd.

Info Edge India is an online classifieds company specializing in recruitment, matrimony, real estate, education and related services. Co.'s recruitment business is an online recruitment classifieds and offline executive search operated through several websites. The matrimony business comprises online matrimony classifieds and 14 offline Jeevansathi Match Points. Co.'s real estate business comprises online real estate classifieds, a real estate brokerage business, housed in a subsidiary named Allcheckdeals.com India Private Limited. The education comprises online education classifieds. As of Mar 31 2014, Co. had a network of 56 offices located in 42 cities throughout India

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INE663F01024 National Stock Exchange of India India

PB Fintech (PolicyBazaar)

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Provider

Aequitas Research

Aequitas Research is a leading ECM research firm with a focus on IPOs and placements/follow-on offerings across the Asia Pacific with deal size of over USD100m.

Since 2015, we have covered 400+ IPOs and 450+ placements with a hit rate of 73% and 65%, respectively. We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic analysis.

Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis. We also provide a more quant driven analysis on placement/follow-on offerings.

Markets that we cover include:
Hong Kong,
China ADRs,
India,
Japan,
Australia, and
ASEAN.

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Analysts

Sumeet Singh

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PB Fintech (Policybazaar) IPO

Info Edge (India) Limited: 2 directors

Zomato IPO lock-up

INFO EDGE (INDIA) sees an upgrade to Neutral thanks to a better star rating, but the title remains unattractive

Onewo Space-Tech Pre-IPO

Legend Biotech Follow-on Offering

Xtep International Placement

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