Policybazaar parent PB Fintech IPO to open today. Details here

PB Fintech Ltd said on Friday it has garnered a little over ₹2,569 crore from anchor investors ahead of its IPO.

The three-day IPO of PB Fintech Ltd, which operates online insurance aggregator Policybazaar and credit comparison portal Paisabazaar, will open on Monday, November 1, at a price band of ₹940 and ₹980 per equity share.

PB Fintech IPO will open at a price band of ₹940 and ₹980 per equity share. (Representative Image)

PB Fintech Ltd said on Friday it has garnered a little over ₹2,569 crore from anchor investors ahead of its IPO. According to a circular uploaded on the BSE website, the company has decided to allocate 26,218,079 shares to 155 anchor investors at ₹980 apiece, aggregating the transaction size to ₹2,569.37 crore.

The ₹5,710-crore PB Fintech IPO comprises a fresh issue of ₹3,750 crore worth of equity shares and an offer for sale of about ₹1,960 crore by existing shareholders.

As part of the OFS, SVF Python II (Cayman) will sell shares worth ₹1,875 crore, Yashish Dahiya will offload shares worth ₹30 crore, Alok Bansal will divest shares worth ₹12.75 crore, Shikha Dahiya will sell shares to the tune of ₹12.25 crore and Rajendra Singh Kuhar will offload shares worth ₹3.5 crore.

Apart from this, Founder United Trust will sell around 2,67,500 shares and in upper band price, it comes to around ₹26.21 crore.

Of the entire issue, 75 per cent will be reserved for qualified institutional buyers, 15 per cent for non-institutional investors and the remaining 10 per cent for retail investors.       

Proceeds of the fresh issue 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 proceeds from the IPO will also be used for funding strategic investments and acquisitions, expanding presence outside India and general corporate purpose.

Goldman Sachs, Nomura, BlackRock Global Funds, Morgan Stanley, Canada Pension Plan Investment Board, Fidelity, Abu Dhabi Investment Authority, ICICI Prudential Mutual Fund (MF), SBI MF, Axis MF and UTI MF are among the anchor investors that have been allocated shares.

(With agency inputs)