PB FinTech which owns brands like policybazaar, paisabazaar and got listed just a couple of weeks back is set to bid for shares of Star Health and Allied Insurance Company under the Qualified institutional buyer (QIB) category, say sources to CNBC-TV18.
The QIB category is 53 percent of the total issue size, which makes it about Rs 3840 crore. The QIB section has been subscribed about 28 percent so far. PB FinTech is in the business of aggregation of insurance products and is trying to invest in a company that sells insurance products.
The issue size of Star Health Insurance is large and it is the last day of subscription for the Rs 7250 crore IPO. Although the issue size is impressive, the subscription is not. Overall, the issue has been subscribed to just about 37 percent so far.
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