PB Fintech IPO subscribed 1.59 times on 2nd day

PB Fintech IPO subscribed 1.59 times on 2nd day

The initial public offer of PB Fintech Limited, which operates online insurance platform Policybazaar and credit comparison portal Paisabazaar, was subscribed 1.59 times on the second day of subscription on Tuesday.

The issue received bids for 5,47,59,750 shares as against 3,45,12,186 shares on offer, according to NSE data.

The category for qualified institutional buyers (QIBs) was subscribed 2.08 times, while that for non-institutional investors received 23 per cent subscription and retail individual investors' (RIIs) 2.04 times.

Price range for the offer is between Rs 940-980 per share. The Rs 5,710-crore IPO comprises 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 of 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 are the book running lead managers to the offer.