PB Fintech Ltd., which operates online insurance platform Policybazaar and credit comparison portal Paisabazaar, will launch its Initial Public Offering (IPO) Subscriptions will end on Monday, November 1 and end on November 3 next week. The company has fixed a price band of ₹940-980 per share for its initial share sale.
public offer up to ₹Includes a fresh issue of Rs 5,700 crore ₹3,750 crore equity shares and offer for sale ₹1,959 crore by existing shareholders. As part of the OFS, SVF will sell shares of Python II (Cayman) worth ₹1,875 crore, Yashish Dahiya are some of the other sold shareholders will also split the shares.
As per the market observers, the policies are available atBazaar’s Share Premium (GMP) ₹140 in the gray market today. Gray Market is an unofficial platform where trading starts after the announcement of the IPO price band till the listing of shares. The company is planning to be listed on the major stock exchanges NSE and BSE on November 15.
The 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. The company also plans to utilize the proceeds from the share sale for financing strategic investments and acquisitions, expanding presence outside India and for general corporate purpose.
Kotak Mahindra Capital, Morgan Stanley, Citigroup Global Markets India, ICICI Securities, HDFC Bank Ltd, IIFL Securities and Jefferies India are the book running lead managers to the issue.
PB Fintech, which had filed draft papers with market regulator Sebi in August, took the regulator’s nod last week to go public with the issue. PB Fintech is the leading online platform for insurance and lending products and provides access to insurance, credit and other financial products.
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