The initial public offering (IPO) of the online insurance platform Policy Bazaar will open for investment on November 1. Next week people can get a good opportunity for investment. Policy Bazaar said that its IPO will open for investment on November 1 and will close on November 3. The company has fixed the issue price band at Rs 940-980 per share. The IPO of Policy Bazaar will be listed on November 15.
Policy Bazar and Paisa Bazar are managed by PB Fintech Ltd. PB Fintech wants to raise Rs 5,700 crore through this IPO. Big investors like Info Edge, Premji Invest, SoftBank, Tiger Global and Temasek have invested money in the policy market. The issue size is 6,07,30,265 shares, with a face value of Rs 2 each. It has a fresh issue of Rs 3750 crore. Whereas shares worth Rs 1959.72 crore will be sold in Offer for Sale (OFS).
OFS will be powered by Investor SVF Python 2 (Cayman), which will sell shares worth Rs 1,875 crore. At present, Cayman holds 9.45 per cent stake in the company. PB Fintech is the leading online platform for insurance and lending products that leverage technology, data and innovation. It provides convenient access to insurance, credit and other financial products. The company will use the proceeds from this IPO to finance strategic investments and acquisitions, expand presence outside India and for general corporate purposes.
Kotak Mahindra Capital Company, Morgan Stanley India Company, Citigroup Global Markets India, ICICI Securities, HDFC Bank Limited, IIFL Securities and Jefferies India are the book running lead managers to the issue.
