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Policybazaar IPO to open on November 1, price band set at Rs 940-Rs 980 a share

The issue size is 6,07,30,265 shares, with a face value of Rs 2 each.

October 26, 2021 / 08:34 PM IST
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PB Fintech, the operator of online insurance aggregator Policybazaar, on October 26 released the dates of its upcoming initial public offering (IPO). The issue would open on November 1, the company said in a red herring prospectus.

The IPO will close on November 3 and the date for finalisation of basis of allotment with the stock exchange has been stated as November 10.

The price band of the IPO has been set at Rs 940-980 per share. The issue size is 6,07,30,265 shares, with a face value of Rs 2 each.

The dates for initiation of refunds and credit of shares were stated as November 11 and November 12, respectively.

Through the public issue, PB Fintech will raise an amount of around Rs 5709.72 crore, reports said, adding that the IPO comprises a fresh issue of Rs 3,750 crore, along with an offer for sale (OFS) of Rs 1959.72 crore by existing promoters and shareholders.

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The OFS would be driven by investor SVF Python II (Cayman), which would be selling shares worth Rs 1,875 crore. As of now, Cayman holds 9.45 percent stake in the company.

Also Read | 10 things to know about Policybazaar IPO

Kotak Mahindra Capital, Morgan Stanley, ICICI Securities, HDFC Bank Ltd, IIFL Securities, Citigroup Global Markets India, and Jefferies India are the book running lead managers of the IPO.

Market regulator Securities and Exchange Board of India (Sebi) had last week given the green light to PB Fintech to float its maiden public issue.

As of March 2021, over 4.8 crore consumers have registered on Policybazaar platform and purchased over 1.9 crore policies from insurer partners. In FY21, the annual number of visits on Policybazaar website was 12.65 crore.
Moneycontrol News
first published: Oct 26, 2021 07:57 pm

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