Policybazaar IPO oversubscribed 16.59 times on final day

The initial public offer of PB Fintech Limited, which operates online insurance platform Policybazaar and credit comparison portal Paisabazaar, was subscribed 16.59 times on the last day of subscription on Wednesday.

The issue received bids for 57,23,84,100 shares against 3,45,12,186 shares on offer, according to NSE data.

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The category for Qualified Institutional Buyers (QIBs) was subscribed 24.89 times and that of non institutional investors 7.82 times and Retail Individual Investors (RIIs) 3.31 times.

Price range for the offer was at Rs 940-980 per share.

The Rs 5,710-crore IPO had a fresh issue of Rs 3,750 crore worth of equity shares and an offer for sale of about Rs 1,960 crore by existing shareholders.

PB Fintech on Friday said it had garnered a little over Rs 2,569 crore from anchor investors.

Proceeds generated from the fresh issue will be used towards enhancing visibility and awareness of the company's brands, to look for new opportunities to expand growth initiatives to increase the consumer base including offline presence.

Also, the proceeds from the IPO will be used for funding strategic investments and acquisitions, expanding presence outside India and general corporate purpose.

Citigroup Global Markets India, Kotak Mahindra Capital Company, Morgan Stanley India Company, ICICI Securities, HDFC Bank, IIFL Securities and Jefferies India were the book running lead managers to the offer.