Policy Bazaar IPO Opens Today, Know About Its GMP And Other Key Details

New Delhi: The Initial Public Offering (IPO) of PB Fintech, the parent company of Policybazaar and Paisabazaar, has been opened for subscription today.

The issue will be closed on November 3 and the three-day share sale's fixed a price band of Rs 940-980. The company on Friday said that ahead of its IPO, the company garnered a little over Rs 2,569 crore from anchor investors.

Policybazaar IPO subscription status, according to Bombay Stock Exchange (BSE) data, as of 11:25 am on day 1, the company's IPO has been subscribed 0.09 times with retail category booked 0.46x and Qualified Institutional Buyers (QIBs) 0.01 times.

The Policybazaar's IPO will be listed on November 15. The company's shares available at a premium (GMP) of 150 in the grey market today.

Policybazaar is preparing to raise Rs 5709.72 crore from this IPO. It has a fresh issue of Rs 3750 crore, whereas the shares of 1959.72 crores will be sold in Offer for Sale (OFS).

In the offer for sale, SVF Python II (Cayman) will sell shares worth Rs 1875 crore. On the other hand, Yashish Dahiya will sell shares worth Rs 30 crore. Alok Bansal will sell shares worth Rs 12.75 crore and Shikha Dahiya for Rs 12.50 crore.

Apart from these, Rajendra Singh Kuhar will sell shares worth Rs 3.50 crore. With this, the company's founder United Trust will sell 2.68 lakh shares.

According to the upper price band of the issue, its value will be Rs 26.22 crore.

As per the DRHP, SVF Python II (Cayman) holds 9.45 percent stake in the company. Whereas Yashish Dahiya holds 4.27 percent stake in the company. On the other hand, Alok Bansal holds 1.45 percent stake.

The company has set a valuation target between $5.5 billion to 6 billion. Investors like SoftBank, Temasek, InfoEdge, Tiger Global and Premji Invest have invested in the company. HDFC Bank Ltd, Morgan Stanley, Citigroup Global Markets India, Kotak Mahindra Capital, IIFL Securities, ICICI Securities and Jefferies India are the book running lead managers of the IPO.

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