The Policybazaar IPO, which opened on November 1, comprised a fresh issue of Rs 3,750 crore and an offer for sale worth Rs 1,960 crore. (Illustration: Rahul Awasthi/ETtech)
Mumbai: The initial public offering (IPO) of PB Fintech Ltd, which operates online insurance platform Policybazaar and financial services portal Paisabazaar, was subscribed 16.59 times on the third day of subscription on Wednesday.
The issue received bids for 57.24 crore equity shares against an offer size of 3.45 crore. The portion of shares reserved for qualified institutional investors was subscribed 24.89 times while non-institutional investors or high networth individuals put in bids 7.82 times the amount set aside for them. The retail investors’ portion was subscribed 3.31 times.
The Policybazaar IPO, which opened on November 1, comprised a fresh issue of Rs 3,750 crore and an offer for sale worth Rs 1,960 crore. The SoftBank-backed startup raised over Rs 2,569 crore from 155 anchor investors on Friday. The price band has been set at Rs 940-980 per share.
The company will utilise the IPO proceeds to enhance visibility and awareness of brands, find new opportunities to expand consumer base — including offline presence, strategic investments, and acquisitions — and expand its presence outside India.
Citigroup Global Markets India, Kotak Mahindra Capital Co., Morgan Stanley India Co., ICICI Securities, HDFC Bank, IIFL Securities and Jefferies India are the book-running lead managers to the PB Fintech IPO.
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