PolicyBazaar IPO Subscribed 1.59 Times On Day 2
The second day of bidding for shares of PB Fintech Ltd., the parent of policybazaar.com and paisabazaar.com, culminated, with the offer subscribing 1.59 times.
The IPO ended its first day with 54% subscription. The offer's retail portion was oversubscribed by the end of the first of the three-day sale.
The IPO comprises a fresh issue worth Rs 3,750 crore and an offer for sale—by SoftBank Vision Fund and founders Yashish Dahiya, Alok Bansal, Founder United Trust, Shikha Dahiya and Rajendra Singh Kuhar—worth Rs 1,959.7 crore at the upper end of the price band of Rs 940-980 apiece. Together, the company is selling 13% of the post issue paid-up equity worth Rs 5,709.7 crore.
The company plans to use a major chunk of the proceeds of the fresh issue to enhance awareness of brands, including Policybazaar and Paisabazaar. It will also spend on increasing consumer base, funding strategic investments and acquisitions and expanding presence outside India.
Subscription Details: Day 2
The IPO was subscribed 1.59 times as of 5 p.m. on Nov. 2.
Institutional investors: 2.08 times.
Non-institutional investors: 0.23 times.
Retail investors: 2.04 times.