NS Initial Public Offering (IPO) PB Fintech Ltd, which operates online insurance platform PolicyBazaar and credit comparison portal Paisabazaar, was subscribed 16.59 times on the last day of subscriptions on Wednesday. The price range for the offer was as follows ₹940-980 per share.
According to NSE data, bids were received for 57,23,84,100 shares against 3,45,12,186 shares for the issue. Qualified Institutional Buyers (QIBs) were subscribed 24.89 times, non-institutional investors by 7.82 times and Retail Individual Investors (RIIs) by 3.31 times.
PolicyBazaar IPO Gray Market Premium (GMP) Has Slipped ₹88 in gray market today. The shares of the company are expected to be listed on the major stock exchanges NSE and BSE on November 15, 2021.
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 deposited on the bidders who received the allotment on Friday, November 12.
NS ₹There was a new issue in the IPO of 5,710 crores ₹3,750 crore equity shares and offer for sale of approx. ₹1,960 crore by existing shareholders. PB Fintech had achieved a bit more ₹2,569 crore from anchor investors before its IPO.
Proceeds from the new issue will be used to increase visibility and awareness of the company’s brands, to explore new opportunities to expand growth initiatives to grow the consumer base, including offline presence.
In addition, the proceeds from the IPO will be used to finance strategic investments and acquisitions, expand presence outside India and for general corporate purpose.
PB Fintech is India’s leading online platform for insurance and lending products. The company provides convenient access to insurance, credit and other financial products and aims to create awareness about the financial impact of death, illness and loss in India.
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