P.B. Fintech, the parent company of Paisabazaar and insurtech major Policybazaar has mobilised INR 2,569.37 Cr from 155 anchor investors ahead of its IPO.
The anchor investors subscribed to the shares at INR 980, the upper limit of the IPO price band (INR 940 – INR 980).
In a regulatory filing, P.B Fintech said, “Under Anchor Investors (AIs) portion in the Public Issue of PB Fintech Limited 26,218,079 equity shares have been subscribed today at INR 980 per equity share.”
Major global investors who subscribed to shares included Abu Dhabi Investment Authority, Canada Pension Plan Investment Board, New World Fund Inc, American Funds Insurance Series, Blackrock, Goldman Sachs, Aberdeen Global.
It further said 87,90,390 or about 33.5% of the total allocation for anchor investors were allocated to 18 domestic mutual funds through 69 schemes. The domestic mutual funds include HDFC Mutual Fund, SBI Mutual Fund, Aditya Birla Sun Life Trustee.
The IPO of P.B. Fintech will open on November 1 and end on November 3.
At the given price band, the fintech unicorn will raise INR 5,708.64 Cr to INR 5,951.56 Cr. The issue size is over 6.07 Cr shares with a face value of INR 2 each.
The offer will include a fresh issue of up to INR 3,750 Cr.
Masayoshi Son-led SoftBank will offload part of its stake in the fintech unicorn through an offer for sale (OFS). Through SVF Python II and SVF India Holdings (Cayman) Limited, SoftBank holds 15% stake in the company.
Its OFS would include shares worth up to INR 1,875 Cr from SVF Python II (Cayman) Limited, which holds 9.45% stake in the company. SVF India Holdings (Cayman), which holds 6.31% stake, will not offload its stake during the issue.
Yashish Dahiya, the CEO and cofounder of Policybazaar, holds 4.27% stake and will offload stocks worth INR 30 Cr in the IPO. The cofounder and CFO of the company, Alok Bansal, will sell stocks worth up to INR 12.75 Cr. His stake in the fintech unicorn stands at 1.47%.
The fintech unicorn plans to utilise INR 1,500 Cr from the proceeds of the IPO on enhancing the visibility and awareness of its brands.
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. The Delhi NCR based startup had filed DRHP in August.