Policybazaar IPO launch date announced: Price band, other details here | Mint
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Business News/ Markets / Ipo/  Policybazaar IPO launch date announced: Price band, other details here

Policybazaar IPO launch date announced: Price band, other details here

The firm plans to use the proceeds from the IPO to enhance visibility of its brands such as Policybazaar and Paisabazaar

Photo: iStockphotoPremium
Photo: iStockphoto

PB Fintech Ltd, the owner of online platform Policybazaar and Paisabazaar, has set a price band 940-980 a share for its initial public offering. Earlier on Tuesday the firm said its IPO will open on 1 November and close on 3 November. The firm is planning to list on 15 November.

The firm is looking to raise around 5,709.72 crore from its IPO, consisting of a fresh issue of 3,750 crore and an offer for sale (OFS) of 19,59.72 crore.

The OFS comprises a sale of upto 1,875 crore by SVF Python II (Cayman), 30 crore by Yashish Dahiya, 12.75 crore by Alok Bansal, up to 12.50 crore by Shikha Dahiya and 3.50 crore by Rajendra Singh Kuhar. Founder United Trust will sell around 268,000 shares and on upper band price it comes around 26.22 crore.

Currently, SVF Python II (Cayman) holds a 9.45% stake, Yashish Dahiya 4.27% and Alok Bansal 1.45%.

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

Proceeds from the issue worth 1,500 crore will be used to enhance visibility and awareness of its brands including Policybazaar and Paisabazaar, 375 crore will be used for new opportunities to expand growth initiatives to increase its consumer base including offline presence, 600 crore will be used for funding strategic investments and acquisitions and 375 crore for expanding its presence outside India.

“We plan to continue investing in our brands on mediums such as television, while also expanding our marketing presence to capture shifts in consumers’ media consumption habits, such as in social media, digital media and embedded advertisements", the company said in its DRHP.

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Published: 26 Oct 2021, 07:43 PM IST
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