Temasek takes profit on insurance portal Policybazaar as India’s tech stocks rally
Joan Ng
SINGAPORE state investor Temasek has sold a 5.4 per cent direct stake in India-listed PB Fintech, which, sources said, locks in an internal rate of return of 40 per cent.
The sale follows a 129.4 per cent gain in the shares of PB Fintech over the past 12 months, as India’s stock market powered into fourth position among Asia’s markets last year. The three best-performing markets were, in order, Japan, Taiwan and South Korea.
India’s tech stocks have gained a particularly strong following, in line with a rebound in global tech players.
The benchmark Nifty 50 index hit a record high for the fifth time this year on Friday (Feb 2), partly on the back of tech sector strength.
PB Fintech, which is the holding company for online insurance platform Policybazaar, last month reported its first quarterly profit since its 2021 listing.
The company was founded in 2008 and received backing from Japanese investment group SoftBank as well as US-based investment firm Tiger Global.
Temasek’s sale, by a unit called Claymore Investments (Mauritius), took place via two bulk deals on Feb 1, according to data from BSE (formerly Bombay Stock Exchange).
The total sale price was 24.25 billion Indian rupees, equivalent to about S$391 million. Sources close to Temasek put the multiple on invested capital at 14 times.
Temasek continues to own an indirect stake in PB Fintech.
