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PB Fintech Ltd, which operates online insurance platform Policybazaar and credit comparison portal Paisabazaar, will launch its initial public offering (IPO) for subscription next week on Monday, November 1 and conclude on November 3. The company has set a price band of 940-980 per share for its initial share sale.

The public offer of up to 5,700 crore comprises a fresh issue of 3,750 crore worth of equity shares and an offer for sale of 1,959 crore by existing shareholders. As part of the OFS, SVF Python II (Cayman) will sell shares worth 1,875 crore, Yashish Dahiya some other selling shareholders will also divest shares.

As per market observers, Policybazaar shares are available at a premium (GMP) of 140 in the grey market today. The grey market is an unofficial platform, wherein trading starts after the announcement of IPO price band till the listing of shares. The company is planning to list on leading stock exchanges NSE and BSE on 15 November.

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. The company also plans to use the proceeds from the share sale for funding strategic investments and acquisitions, expanding presence outside India and general corporate purpose.

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.

PB Fintech, which filed draft papers with market regulator Sebi in August, obtained the regulator's clearance last week to float the public issue. PB Fintech is the leading online platform for insurance and lending products and providing access to insurance, credit and other financial products.

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