Policybazaar IPO Subscribed 54% On Day 1, Retail Portion Fully Subscribed

The initial public offering (IPO) of P.B. Fintech, which runs Paisabazaar and insurtech unicron Policybazaar opened today (1st November). During the day, nearly 40% of the overall subscription was made by retail investors.

Bids were placed for 1,85,59,800 shares (0.54 times or 54%), compared to the 3,45,12,186 shares on offer.

• Retail portion has been booked 1.18 times. The retail investors placed the bids for 71,91,555 shares, against the earmarked 60,73,026 shares.
• Qualified institutional Buyers (QIB) have bid for 1,07,77,275 shares (0.56 times), out of the 1,93,29,621 allocated to them.

• Bids from corporates and individual investors (other than retail investors) aka non-institutional investors are yet to pick up. At the end of the first day of the offer, non-institutional investors placed bids for 1,07,77,275 shares out of the 1,93,29,621 shares on offer.

The IPO, which will end on November 3rd, has opened at a price band of INR 940-980.

On Friday, P.B. Fintech mobilised INR 2,569.37 Cr from 155 anchor investors, including major global investors Abu Dhabi Investment Authority, Canada Pension Plan Investment Board,  and Goldman Sachs. 

The IPO includes a fresh issue of up to INR 3,750 Cr.

The fintech unicorn’s OFS includes shares worth up to INR 1,875 Cr from SVF Python II (Cayman) Limited.

These include Policybazaar CEO and cofounder Yashish Dahiya’s stocks worth INR 30 Cr on the block and cofounder and CFO Alok Bansal’s stocks worth up to INR 12.75 Cr.

Founded by Yashish Dahiya, Alok Bansal, and Avaneesh Nirjar in 2008, PolicyBazaar aggregates insurance policies from a range of providers for use-cases, including life insurance, automobile insurance, health insurance and more.