In today’s briefing:
- PB Fintech (Policy Bazaar) Lockup Expiry – US$1bn+, Stock Down 60% but Everyone Is in the Money
- Axis Bank (AXSB IN): Last of the SUUTI Selldown Removes Overhang
PB Fintech (Policy Bazaar) Lockup Expiry – US$1bn+, Stock Down 60% but Everyone Is in the Money
- In Nov 2021, PB Fintech raised around US$793m in its India IPO, via selling a mix of primary and secondary shares. The lock-up on its pre-IPO shareholder will expire soon.
- 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.
- In this note, we will talk about the upcoming lockup expiry.
Axis Bank (AXSB IN): Last of the SUUTI Selldown Removes Overhang
- The Administrator of the Specified Undertaking of the Unit Trust of India (SUUTI) is offering 46.53m shares of Axis Bank Ltd (AXSB IN) at a floor price of INR 830.63/share.
- This will take SUUTI’s stake in Axis Bank Ltd (AXSB IN) to zero and remove an overhang on the stock.
- Coming in close to Bain’s partial stake sale last week, the stock could trade heavy. But Axis Bank Ltd (AXSB IN) still trades cheaper than peers.
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