The initial public offering (IPO) of PB Fintech Ltd, which operates Policybazaar and Paisabazaar, will open for subscription today.
PB Fintech is a 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.
Through the IPO, the company will raise an amount of around Rs 5,826 crore. The IPO comprises a fresh issue of shares worth Rs 3,750 crore, along with an offer for sale (OFS) of shares worth Rs 1,959.72 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.
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PB Fintech has garnered a little over Rs 2,569 crore from anchor investors ahead of its IPO. The company has decided to allocate 26,218,079 shares to 155 anchor investors at Rs 980 apiece, aggregating the transaction size to Rs 2,569.37 crore.
Goldman Sachs, Nomura, BlackRock Global Funds, Morgan Stanley, Canada Pension Plan Investment Board, Fidelity, Abu Dhabhi Investment Authority, ICICI Prudential Mutual Fund (MF), SBI MF, Axis MF and UTI MF are among the anchor investors that have been allocated shares.
Here are the key things to know before investing in the IPO:
IPO dates: The issue will open for subscription today and close on Wednesday. Of the entire issue, 75 percent will be reserved for qualified institutional buyers, 15 percent for non-institutional investors and the remaining 10 percent for retail investors.
Price band: The price band of the IPO is set at Rs 940-980 per share.
Issue size: The issue size is 6,07,30,265 shares, with a face value of Rs 2 each.
Objective of issue: The IPO proceeds 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. The funds will also be utilised for strategic investments and acquisitions, expanding presence outside India and general corporate purposes.
Allotment date: The IPO share allotment will get finalised on November 10.
Listing date: Shares of PB Fintech are likely to make a debut on the bourses on November 15.
IPO lead managers: 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.
(With inputs from agencies)
First Published: IST