PB Fintech, whose shares rose over 8 per cent on Thursday, saw WF Asian Smallers Companies Fund buy shares worth Rs 134 crore of the company in a bulk deal, data available with BSE suggested.
Data shows that WF Asian Smaller Company Fund bought 3,353,228 PB Fintech shares at an average price of Rs 400 per share.
The stock closed 7.87 per cent higher at Rs 432.20 on the BSE.
Earlier, WF Asian Reconnaissance Fund had bought 50,00,000 PB Fintech shares at Rs 388 on November 14, showed NSE data.
Tiger Global Eight Holdings sold PB Fintech shares on November 14 and November 11. Internet Fund III Pte sold PB Fintech shares on November 11.
JM Financial said in a note on November 22 that PB Fintech is perhaps where the management has been most vocal about adjusted EBITDA breakeven. As of Q2FY23, the company has already achieved adjusted Ebitda level profitability in its core
The online insurance business with Paisabazaar is expected to turn profitable in Q4 FY2023.
JM Financial said the company has already demonstrated a favorable trend with the adjusted EBITDA margin reaching minus 9 EPR in Q2 FY2023. It expects PB Fintech to reach profitability in Q4 FY2023 as Q4 is a very strong quarter for insurance in terms of weather. “However, we are expecting a loss again in H1FY24, with sufficient profit in H2FY24 to ensure that the company generates,” it said.
