PB Fintech, the operator of Policybazaar, has mopped up Rs 2,569.37 crore from 155 anchor investors October 29, a day ahead of IPO opening.
The company finalised allocation of 2,62,18,079 equity shares to anchor investors at a price of Rs 980 per share, PB Fintech said in its BSE filing.
Marquee investors participated in the anchor book were New World Fund Inc, American Funds Insurance Series, Blackrock, Baillie Gifford, Pacific Horizon Investment Trust Plc, Canada Pension Plan Investment Board, Fidelity Funds, Abu Dhabi Investment Authority, Goldman Sachs, Aberdeen Global, Nomura, Carmignac Portfolio, Schroder Fund, Baron, and WF Asian Smaller Companies Fund.
Domestic investors also invested in the insurance aggregator and consumer credit company including HDFC MF, ICICI Prudential, SBI MF, Axis MF, Aditya Birla Sun Life Trustee, Kotak Mutual Fund, Nippon Life, UTI MF, Franklin MF, DSP MF, Bajaj Allianz Life Insurance, HDFC Life Insurance, SBI Life Insurance, and Max Life Insurance.
PB Fintech is planning to garner Rs 5,625 crore through its initial public offering that consists of a fresh issue of Rs 3,750 crore, and an offer for sale of Rs 1,875 crore by investor SVF Python II (Cayman) and other selling shareholders.
The price band for the offer, which closes on November 3, has been fixed at Rs 940-980 per share.
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The company will utilise net proceeds from fresh issue for enhancing visibility and awareness of the brands (Policy bazaar and
Paisa bazaar), new opportunities to expand consumer base including offline presence, strategic investments and acquisitions, and expanding the presence outside India.
Policybazaar platform is an online platform for consumers and insurer partners to buy and sell core insurance products. As of September 2021, 48 insurer partners have offered over 390 term, health, motor, home and travel insurance products on this platform.
In FY20, Policybazaar was the largest digital insurance marketplace among all online insurance distributors with 93.4 percent market share based on number of policies sold, in India.
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