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

According to estimates, PB Fintech would collect roughly INR 5709.72 crore through the public offering

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

On October 26, PB Fintech, the company behind the internet insurance aggregator Policybazaar, announced its planned initial public offering (IPO) dates. In a red herring prospectus, the business stated that the offering would begin on November 1. The IPO will close on November 3rd, with a November 10th deadline for finalizing the basis of allotment with the stock exchange. The initial public offering's price range has been established at INR 940-980 per share. The total number of shares in the offer is 6,07,30,265, with a face value of INR 2 apiece.

The dates for the start of reimbursements and the crediting of shares were November 11 and 12, respectively. According to estimates, PB Fintech would collect roughly INR 5709.72 crore through the public offering, including a fresh issue of INR 3,750 crore and an offer for sale (OFS) of INR 1959.72 crore by existing promoters and shareholders.

The Securities and Exchange Board of India (SEBI) gave PB Fintech the go-light to float its first public offering last week. SVF Python II (Cayman), an investor, will spearhead the OFS, which will offer shares worth Rs 1,875 crore. Cayman currently owns 9.45 percent of the company. The IPO's lead managers are Kotak Mahindra Capital, ICICI Securities, Morgan Stanley, HDFC Bank Ltd, Citigroup Global Markets India, IIFL Securities, and Jefferies India. Over 4.8 crore clients had enrolled on the Policybazaar platform as of March 2021, and around 1.9 crore policies had been acquired from insurer partners. The annual number of visitors to Policybazaar.com was 12.65 crore in FY21.