New Delhi: PolicyBazaar and PaisaBazaar’s parent firm PB Fintech has revealed subscription date and price bank details of its upcoming initial public offering (IPO) that will help the company raise about Rs 5,710 crore. The PolicyBazaar IPO will comprise a fresh issue of Rs 3,750 crore worth of equity shares.
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PolicyBazaar IPO will open for subscriptions on November 1. The three-day IPO will conclude on November 3, the company announced in a virtual press conference. As of now, the company hasn’t revealed the listing date.
PolicyBazaar has reserved 75 per cent of the entire for qualified institutional buyers, 15 per cent of the issue for non-institutional investors and the remaining 10 per cent for retail investors. Investors will be able to bid for a minimum of 15 equity shares and in multiples of 15 equity shares thereafter.
PolicyBazaar plans to use the proceeds of the fresh issue to enhance visibility and awareness of the company's brands. The company will also invest the funds to look for new opportunities to expand growth initiatives to increase the consumer base including offline presence.
The IPO will also witness an offer for sale of about Rs 1,960 crore by existing shareholders SVF Python II (Cayman), Yashish Dahiya, Shikha Dahiya and Rajendra Singh Kuhar. Here’s a breakup:
SVF Python II (Cayman) will sell stakes worth Rs 1,875 crore
Yashish Dahiya will sell shares worth Rs 30 crore
Alok Bansal will offload shares worth Rs 12.75 crore
Shikha Dahiya will divest shares worth Rs 12.25 crore
Rajendra Singh Kuhar will sell shares worth Rs 3.5 crore.
Founder United Trust will sell around 2,67,500 shares worth Rs 26.21 crore on upper band price.
PolicyBazaar has fixed the price band of the IPO at Rs 940-980 per share.
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