Policybazaar fixes price band for its IPO at Rs. 940-980 per share

Policybazaar

PB Fintech, the operator of online insurance individual Policybazaar, on Gregorian calendar month twenty-six discharged the dates of its forthcoming initial public giving (IPO). the problem would open on the holy day of obligation, the corporate same during a red herring prospectus. The initial public offering can shut on Gregorian calendar month three and also the date for completion of the basis of allotment with the securities market has been expressed as Gregorian calendar month ten.

The price band of the initial public offering has been set at Rs 940-980 per share. the problem size is half-dozen,07,30,265 shares, with a face price of Rs a pair of every. The dates for initiation of refunds and credit of shares were expressed as November 11 and Gregorian calendar month twelve, severally.

Through the general public issue, atomic number 82 Fintech can raise the associate quantity of around Rs 5709.72 crore, reports same, adding that the initial public offering contains a contemporary issue of Rs three,750 crores, at the side of a proposal purchasable (OFS) of Rs 1959.72 large integer by existing promoters and shareholders.

The OFS would be driven by capitalist SVF Python II (Cayman), which might be commercialism shares price Rs one,875 crores. As of now, crocodilian holds nine.45 % stake within the company.Kotak Mahindra Capital, Morgan Stanley, ICICI Securities, HDFC Bank Ltd, IIFL Securities, Citigroup world Markets Bharat, and Jefferies Bharat square measure the book running lead managers of the initial public offering.

Market regulator Securities and Exchange Board of Bharat (Sebi) had last week given the inexperienced light-weight to atomic number 82 Fintech to float its maiden public issue. As of March 2021, over 4.8 large integer customers have registered on the Policybazaar platform and purchased over one.9 large integer policies from insurance underwriter partners. In FY21, the annual range of visits on the Policybazaar website was twelve.65 crores.