Policybazaar IPO: Key Details to Know Before Subscription Opens on November 1
The firm is looking to raise an amount of around Rs 5709.72 crore, consisting of a fresh issue of ₹3,750 crore and an offer for sale (OFS) of ₹19,59.72 crore by existing promoters and shareholders.
PB Fintech, the owner of online insurance Company Policybazaar and Paisabazaar, has released the dates of its upcoming initial public offering (IPO). The issue would open on November 1 and close on November 3. The firm is planning to list on November 15. The company has set the price band of the IPO at Rs 940-980 per share. Upcoming IPOs: From MobiKwik to ESAF Small Finance Bank, Here Are Top 3 IPOs To Put On Your Watch List in Near Future
Through the public issue, the firm is looking to raise an amount of around Rs 5709.72 crore, consisting of a fresh issue of ₹3,750 crore and an offer for sale (OFS) of ₹19,59.72 crore by existing promoters and shareholders.
The Offer For Sale is made up of a sale of upto ₹1,875 crore by SVF Python II, ₹30 crore by Yashish Dahiya, ₹12.75 crore by Alok Bansal, up to ₹12.50 crore by Shikha Dahiya and ₹3.50 crore by Rajendra Singh Kuhar. Founder United Trust will sell around 268,000 shares which comes around ₹26.22 crore on upper price band.
SVF Python II (Cayman) holds a 9.45 percent stake currently While Yashish Dahiya holds 4.27 percent and Alok Bansal holds 1.45 oercent stake.
Kotak Mahindra Capital, Citigroup Global Markets India, Morgan Stanley, ICICI Securities, HDFC Bank Ltd, IIFL Securities and Jefferies India are the lead book-running managers to the issue.
The company plans to use net proceeds from the fresh issue for brand building, in new opportunities to expand consumer base including offline presence, investments and acquisitions and expanding presence outside India.
(The above story first appeared on LatestLY on Oct 28, 2021 05:57 PM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).