- The price band for
PolicyBazaar ’s IPO was set at ₹940-₹980. - The company’s market cap stood at ₹51,692 crore ($6.9 billion) at 9.47 a.m.
- It will use the proceeds from the public issue to acquire new businesses and boost its operations.
This is a premium of 17.35% over the issue price of ₹980. The company’s market cap stood at ₹51,692 crore ($6.9 billion) at 9.47 a.m.
The pre-open price of this IPO was ₹1,200 at 9:38 AM.
PolicyBazaar's shares were trading at ₹1,233 at 11:33 a.m, representing a premium of 26%.It's market cap reached ₹55,672.80 crore ($7.4 billion) at the same time.
PolicyBazaar’s three-day-long initial public offering (IPO) opened on November 1, at a price band of ₹940-₹980 per share. The lot size was set at 15 shares.
The cost of each lot was ₹14,700 at ₹980 a share.
The grey market — shares being bought and sold outside the exchanges before the IPO — was at a premium of ₹150 a share, as per several media reports.
The issue size of PolicyBazaar’s IPO is ₹5,709 crore consisting of a fresh issue of ₹3,759 crore and an offer for sale (OFS) of ₹1,959 crore. The issue received bids for 57.24 crore equity shares against an offer size of 3.45 crore.
PB Fintech — which was reportedly valued at $2.4 billion in March 2021 when it raised $45 million from Cyrus Poonawalla Group and others — reported revenue of ₹957 crore in the financial year 2021. Its losses were cut down to ₹150 crore.
The company would use the proceeds from the upcoming IPO for marketing of PolicyBazaar and PaisaBazaar. A part of the proceeds would also be used for strategic investments and acquisition of new businesses, it said in its red herring prospectus (RHP).
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