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<ul><li>The price band for <keyword id="696009" type="General" weightage="20" keywordseo="policybazaar" source="Orion">PolicyBazaar</keyword>’s IPO was set at ₹940-₹980.</li><li>The company’s market cap stood at ₹51,692 crore ($6.9 billion) at 9.47 a.m.</li><li>It will use the proceeds from the public issue to acquire new businesses and boost its operations.</li></ul>Shares of PB Fintech — the parent company of online insurance platform PolicyBazaar and lending platform PaisaBazaar — started trading at ₹1,150 on the stock exchanges on Monday, November 15. This is a premium of 17.35% over the issue price of ₹980. The company’s market cap stood at ₹51,692 crore ($6.9 billion) at 9.47 a.m. The pre-open price of this IPO was ₹1,200 at 9:38 AM. PolicyBazaar's shares were trading at ₹1,233 at 11:33 a.m, representing a premium of 26%.It's market cap reached ₹55,672.80 crore ($7.4 billion) at the same time. PolicyBazaar’s three-day-long initial public offering (IPO) opened on November 1, at a price band of ₹940-₹980 per share. The lot size was set at 15 shares. The cost of each lot was ₹14,700 at ₹980 a share. The grey market ⁠— shares being bought and sold outside the exchanges before the IPO ⁠— was at a premium of ₹150 a share, as per several media reports. The issue size of PolicyBazaar’s IPO is ₹5,709 crore consisting of a fresh issue of ₹3,759 crore and an offer for sale (OFS) of ₹1,959 crore. The issue received bids for 57.24 crore equity shares against an offer size of 3.45 crore. PB Fintech — which was <a href="https://economictimes.indiatimes.com/tech/funding/policybazaar-rejigs-cap-table-with-a-45-mn-round-at-2-4-bn-valuation/articleshow/81301551.cms">reportedly</a> valued at $2.4 billion in March 2021 when it raised $45 million from Cyrus Poonawalla Group and others — reported revenue of ₹957 crore in the financial year 2021. Its losses were cut down to ₹150 crore. The company would use the proceeds from the upcoming IPO for marketing of PolicyBazaar and PaisaBazaar. A part of the proceeds would also be used for strategic investments and acquisition of new businesses, it said in its red herring prospectus (RHP). SEE ALSO <a href="https://www.businessinsider.in/science/news/blue-origin-teaches-space-tourists-who-land-in-the-desert-what-to-do-if-their-rocket-lands-next-to-a-cactus/articleshow/87698700.cms" data-type="tilCustomLink">Blue Origin teaches space tourists who land in the desert what to do if their rocket lands next to a cactus</a> <a href="https://www.businessinsider.in/stock-market/news/elon-musk-sold-nearly-7-billion-worth-of-tesla-stock-this-week-and-says-hes-incurring-higher-taxes-on-purpose/articleshow/87699239.cms" data-type="tilCustomLink">Elon Musk sold nearly $7 billion worth of Tesla stock this week - and says he's incurring higher taxes on purpose</a> <a href="https://www.businessinsider.in/tech/news/former-spacex-engineer-accuses-company-of-racial-discrimination-denying-its-claims-that-he-was-fired-for-making-inappropriate-facial-expressions/articleshow/87699444.cms" data-type="tilCustomLink">Former SpaceX engineer accuses company of racial discrimination, denying its claims that he was fired for making inappropriate facial expressions</a>

PolicyBazaar starts trading at a premium of over 17%

With the world economy heading towards a possible slowdown and India being one of the major economies having any real chances of growing at a faster rate, everyone will be looking forward to how this year’s Budget will address the issue of stagnating private investment in India. With proper fiscal incentives in place, the <keyword id="35450" type="COMPANY" weightage="20" keywordseo="insurance">insurance</keyword> industry (being one of the major sources of long-term funds for the economy) can play a bigger role in pushing up public and private-sector investment and thus, help in achieving government’s goal of putting Indian economy on a high-speed track. 
	 
	Following is my wish list for 2016 Union Budget. 
	 
	A uniform <keyword id="167905" type="COMPANY" weightage="20" keywordseo="KYC">KYC</keyword> 
	 
	Unlike e-policy holders, offline insurance buyers have to undergo a lot of paperwork, as part of KYC procedures. In addition to this, insurers usually call for multiple KYCs for different policies and this act as deterrent for new investors to invest in insurance policies. Government must consider giving a strong push to uniform KYC and e-claims, irrespective of whether the policy is purchased online or offline. This would make the process of buying insurance policies and filing claims easier. 
	 
	Revise tax exemptions 
	 
	At present, premium of up to Rs.25000 paid for health insurance plans qualify for deduction under Section 80D. This limit rests at Rs.30000 in case of senior citizens. Tax exemption under health insurance plan should be revised as the current incentive is inadequate, taking into consideration the rising healthcare cost. Just to give you an example, a 55yr old sole earner in a family of 4 would easily spend upwards of Rs.30000 per annum for Rs.10lacs sum insured. Also, the current exemption does not provide incentives for those who buy long term health insurance plan. Increasing the income tax exemption limit in health insurance will encourage people to buy health policies with larger covers, and for longer tenure. 
	 
	Tax exemption for home insurance 
	 
	While catastrophic destruction caused by natural calamities such as Chennai floods and Nepal earthquake influenced people to think about getting their home and property insured, people continue to remain hesitant about getting their property insured and hence, end up procrastinating it. Home insurance enables people to deal with huge financial losses that they would otherwise incur in case of natural disasters. Introducing tax exemptions on house insurance premiums would encourage homeowners to insure their homes. 
	 
	Make term insurance attractive 
	 
	At present, term insurance products constitute just 0.4% of the total insurance products sold in India. Distributors find term insurance products unattractive as their payouts, as per current regulation, is just above zero percent. The cap on the payouts needs to be relaxed to make selling term insurance attractive for the distributors. This would go a long way in increasing the average life insurance coverage of Indians. 
	 
	To sum up, as low insurance penetration is a problem area, the FM should increase tax incentives to encourage people to buy adequate insurance cover. This will also help the insurance industry to raise more resources for financing government’s physical and social infrastructure programs. 
	 
	The article is authored by Alok Bansal, Co-founder and CFO of online insurance comparision portal <keyword id="696009" type="UNKNOWN" weightage="20" keywordseo="Policybazaar">Policybazaar</keyword>.com.

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PolicyBazaar starts trading at a premium of over 17%

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Mr FM! This is what the insurance industry want from Budget 2016

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