Info Edge, which had closed on Friday at Rs.3117.50, went on to hit a new 52-week high at Rs.3237.55 and is now trading at Rs.3207 levels.
The stock price is reacting to the unconfirmed news that Policybazaar might be having an IPO sooner than later. In June, the Board had approved plans to raise Rs.1100 crore as buffer capital in Q3.
ICICI Securities has put out a report stating that if Policybazaar gets valued right, it could add Rs.190/share to Info Edge’s valuation.
Apart from Policybazaar, Info Edge runs leading internet businesses like Naukri.com, Jeevansathi.com, 99acres.com and Shiksha.com. The company also owns Quadrangle and Naukri Gulf. Info Edge has made significant strategic investments into emerging internet companies - zomato.com, meritnation.com, Canvera.com, happilyunmarried.com.