Policybazaar IPO to open on Nov 1: Check dates, price band, lot size and other details
PB Fintech, which operates the online insurance platform Policybazaar and credit comparison portal Paisabazar, will open for subscription on Monday.
- Republic Business
- 2 min read
PB Fintech, which operates one of the biggest online insurance platforms Policybazaar and credit comparison portal Paisabazaar, will go live for subscription on Monday, November 1. The price band for the initial public offering has been set at Rs 949-980 a share. At the upper price band, the company aims to generate Rs 5,710 crore.
The three-day Policybazaar IPO will sum up on November 3. The Rs 5,710-crore IPO includes a fresh issue of equity shares worth Rs 3,750 and an OFS (Offer for Sale) worth Rs 1,960 crore by existing shareholders.
Policybazaar IPO: All you need to know
- Policybazaar IPO IPO date: The public issue will be open from November 1 to November 3.
- Policybazaar IPO Price band: The price band has been fixed at Rs 949-980 a share.
- Policybazaar IPO lot size: An interested retail investor can bid for a minimum of 15 shares.
- Policybazaar Share allotment and refund date: The allotment of shares is likely to be finalised on November 10 and refunds will be initiated on November 11.
- Policybazaar IPO Listing date: The issue is likely to be listed on NSE and BSE on November 15.
Under OFS, SVF Python II (Cayman) will offload shares worth Rs 1,875 crore, Yashish Dahiya will sell shares worth Rs 30 crore, Shikha Dahiya will disinvest shares worth Rs 12.25 crore and Alok Bansal will sell shares to the tuner of Rs 12.75 crore and Rajendra Singh Kuhar will disinvest shares worth Rs 3.5 crore. Additionally, Founder United Trust will sear 2,67,500 shares. On upper band price, it will come around Rs 26.21 crore.
According to the online insurance platform, the money generated from the IPO will be used to increase the consumer base including on ground or offline presence. It will also be bused towards expanding business and enhancing visibility and awareness of PB Fintech's offerings.
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The book running lead managers to the issue are Kotak Mahindra Capital Company, Citigroup Global Markets India, Morgan Stanley India Company, HDFC Bank Ltd, ICICI Securities and Jefferies India.