Policybazaar IPO issue received bids for 57,23,84,100 shares against 3,45,12,186 shares on offer
The initial public offer (IPO) of PB Fintech Limited, which operates online insurance platform Policybazaar and credit comparison portal Paisabazaar, was subscribed 16.59 times on the last day of subscription on Wednesday. The issue received bids for 57,23,84,100 shares against 3,45,12,186 shares on offer, according to NSE data.
The finalization of the basis of share allotment is likely to take place next week on Wednesday, November 10, 2021, and the equity shares are expected to be credited on bidders who got the allotment, on Friday, November 12. The registrar for this IPO is Link Intime India Private Limited, and the allotment status can be checked in its website here or on the BSE website here.
Policybazaar IPO grey market premium (GMP) available at a premium (GMP) of ₹to in the grey market today. The shares of the company are expected to list on leading stock exchanges NSE and BSE on November 15, 2021.
The ₹5,710-crore IPO had a fresh issue of ₹3,750 crore worth of equity shares and an offer for sale of about ₹1,960 crore by existing shareholders. PB Fintech had garnered a little over ₹2,569 crore from anchor investors ahead of its IPO.
Proceeds generated from the fresh issue will be used towards enhancing visibility and awareness of the company’s brands, to look for new opportunities to expand growth initiatives to increase the consumer base including offline presence.
Also, the proceeds from the IPO will be used for funding strategic investments and acquisitions, expanding presence outside India and general corporate purpose.
Citigroup Global Markets India, Kotak Mahindra Capital Company, Morgan Stanley India Company, ICICI Securities, HDFC Bank, IIFL Securities and Jefferies India were the book running lead managers to the offer.
