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The initial public offer (IPO) of PB Fintech (Policybazaar) received bids for 57,23,84,100 shares as against 3,45,12,186 shares on offer, according to stock exchange data at 17:00 IST on Wednesday (3 November 2021). The issue was subscribed 16.58 times.
The issue opened for bidding Monday (November 1) and closes on November 3. The price band of the IPO is fixed at Rs 940-980 per share. An investor can bid for a minimum of 15 equity shares and in multiples thereof.
Ahead of the IPO, PB Fintech on Otober 29, 2021, finalised allocation of 2,62,18,079 equity shares to anchor investors at an allocation price of Rs 980 per share, aggregating to Rs 2,569.37 crore.
The IPO consists of a fresh issue to raise Rs 3,750 crore and an offer for sale of shares worth Rs 1,959.72 crore by existing shareholders.
Funds utilisation
The company aims to utilize Rs 1500 crore from the net proceeds of the issue for enhancing visibility and awareness of brands, including but not limited to ‘Policybazaar’ and ‘Paisabazaar’. The company wants to utilize Rs 375 crore for pursuing new opportunities to expand its consumer base including offline presence, Rs 600 crore for strategic investments and acquisitions and Rs 375 crore for expanding presence outside India.
In addition, the company expects to receive the benefits of listing of the equity shares on the stock exchanges. The company reported a net loss of Rs 110.84 crore and sales of Rs 237.73 crore in the quarter ended on 30 June 2021.
PB Fintech, owner of Policybazaar and Paisabazaar platforms, is India’s largest online platform for insurance and lending products leveraging the power of technology, data, and innovation. It provides convenient access to insurance, credit and other financial products and aims to create awareness amongst Indian households about the financial impact of death, disease, and damage.
The company seeks to enable online research-based purchases of insurance and lending products and increase transparency through consumer-centric approach, which enables consumers to make informed choices. The company also facilitates its insurer and lending partners in the financial services industry to innovate and design customized products for consumers leveraging its extensive data insights and data analytics capabilities.