- Over 50% of
PB Fintech IPO has been subscribed on the first day of the IPO bidding process. - The company intends to raise ₹5,709 crore with this public issue, at a valuation of $6 billion.
- PolicyBazaar will use this funding to make strategic investments and acquisitions.
- You can easily apply to the IPOs via mobile applications of new age investment platforms like Zerodha, Paytm, Upstox and others.
The IPO of the company started today and has subscribed 0.58 times on the first day. Shares allotted to retail investors have been subscribed 1.23 times.
You can easily apply to the Policybazaar IPOs via mobile applications of new age investment platforms like Zerodha, Paytm, Upstox and others.
Overall, investors have bid for 1.85 crore shares from 3.20 crore shares open for subscription.
According to reports, Policybazaar shares are available at a premium of ₹150 in the grey market.
The IPO started on November 1 and will close on November 3 with a price band of ₹940 - ₹980 per share.
The issue size of the IPO is ₹5,709 crore consisting of a fresh issue of ₹3,759 crore and an offer for sale of ₹1,959 crore by its existing shareholders.
The company said it will use ₹1500 crore of the IPO proceeds to create brand awareness for PolicyBazaar and PaisaBazaar. Besides this, PolicyBazaar will also invest an additional ₹600 crore on funding strategic investments and acquisition.
Further, promoters are reportedly selling a lot fewer shares than they had initially planned with the belief that the stock has significant headroom for growth post listing.
PolicyBazaar is one among a slew of tech IPOs to hit the Indian exchanges this year. It is also one of the country’s top fintech startups — the other one being Paytm — going for a public issue soon. 95% of PolicyBazaar’s revenue comes from commissions from insurance companies on selling policies.
SEE ALSO: