By CNBC-TV18 Nov 1, 2021 6:25:43 AM IST (Updated)
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The Policybazaar 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.
PB Fintech Ltd, which operates an online insurance platform Policybazaar and credit comparison portal Paisabazaar, on Tuesday, fixed a price band of Rs 940-980 a share for its Rs 5,826 crore initial share sale.
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The three-day initial public offering (IPO) will open for subscription on November 1, and conclude on November 3, the company said. The issue size is 6,07,30,265 shares, with a face value of Rs 2 each.
Through the IPO, the company will raise an amount of around Rs 5,826 crore. 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. 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.
Proceeds of the fresh issue will be used towards enhancing visibility and awareness of the company’s brands, to look for new opportunities to expand growth initiatives to increase the consumer base including offline presence.
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Also, the proceeds from the IPO will be used for funding strategic investments and acquisitions, expanding presence outside India and general corporate purpose.
PB Fintech is the leading 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.
Kotak Mahindra Capital Company, Morgan Stanley India Company, Citigroup Global Markets India, ICICI Securities, HDFC Bank Ltd, IIFL Securities and Jefferies India are the book running lead managers to the issue.
Also Read: Explained: RBI rule limiting IPO funding by NBFCs to Rs 1 crore per borrower and the implications
(Edited by : Jomy Jos Pullokaran)
First Published: Oct 26, 2021 8:25 PM IST
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