New Delhi: PB Fintech, which operates online insurance platform PolicyBazaar and credit comparison portal Paisabazaar, on Wednesday fixed a price band of Rs 940-980 per share for its initial share sale of Rs 5,710 crore, due on November 1. Will open The three-day initial public offering (IPO) will end on November 3, the company announced in a virtual press conference.
The Rs 5,710 crore IPO includes fresh issue of equity shares worth Rs 3,750 crore and offer for sale by existing shareholders for about Rs 1,960 crore. As part of the Offer for Sale (OFS), SVF Python II (Cayman) will sell shares worth Rs 1,875 crore, Yashish Dahiya will sell shares worth Rs 30 crore, Alok Bansal will sell shares worth Rs 12.75 crore, Shikha Dahiya will sell shares. 12.25 crore and Rajendra Singh Kuhar will sell shares worth Rs 3.5 crore.
In addition, Founder United Trust will sell around 2,67,500 shares and it will be around Rs 26.21 crore at the upper band price. 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.
Investors can bid for a minimum of 15 equity shares and thereafter in multiples of 15 equity shares. The proceeds from the new issue will be used to increase visibility and awareness of the company’s brands, to explore new opportunities to expand growth initiatives to grow the consumer base, including offline presence.
In addition, the proceeds from the IPO will be used to finance strategic investments and acquisitions, increase presence outside India and for general corporate purpose. 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.
PB Fintech is the leading online platform for insurance and lending products, leveraging the power of technology, data and innovation. It provides convenient access to insurance, loans and other financial products and aims to create awareness among Indian households about the financial impact of death, illness and loss.
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