PolicyBazaar IPO Subscribed 16.59 Times On Day 3
Institutional investors led the bidding in the offer.
The initial public offering of PB Fintech Ltd., the parent of policybazaar.com and paisabazaar.com, closed on Wednesday, after subscribing 16.59 times.
Institutional investors led the bidding in the offer which was subscribed 1.59 times on day 2. It had ended with 54% subscription on day one.
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.
PB Fintech IPO: All You Need To Know
Subscription Details: Day 3
The IPO was subscribed 16.59 times as of 5 p.m. on Nov. 3.
Institutional investors: 24.89 times.
Non-institutional investors: 7.82 times.
Retail investors: 3.31 times.