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Updated on: Tuesday, October 26, 2021, 11:10 PM IST

Policybazaar IPO to open on November 1; check here for details

Policybazaar IPO The IPO comprises a fresh issue of Rs 3,750 crore worth of equity shares and an offer for sale (OFS) of Rs 1959.72 crore by existing shareholders | Photo credit: pixabay.com

Policybazaar IPO The IPO comprises a fresh issue of Rs 3,750 crore worth of equity shares and an offer for sale (OFS) of Rs 1959.72 crore by existing shareholders | Photo credit: pixabay.com

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PB Fintech, which operates online insurance platform Policybazaar and credit comparison portal Policybazaar, has set a price band for its initial public offering at Rs 940-980 a share.

The IPO comprises a fresh issue of Rs 3,750 crore worth of equity shares and an offer for sale (OFS) of Rs 1959.72 crore by existing shareholders.

The issue would open on November 1, the company said in a red herring prospectus. It will close on November 3. .

As part of the OFS, SVF Python II (Cayman) will sell shares worth Rs 1,875 crore, Yashish Dahiya will shares worth Rs 250 crore, and some other selling shareholders will also offer shares. The firm may consider raising around Rs 750 crore by way of a private placement of equity shares ahead of the IPO, according to news reports.

Proceeds of the fresh issue worth Rs 1,500 crore 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. Around Rs 375 crore will be used for new opportunities to expand growth initiatives to increase its consumer base including offline presence, Rs 600 crore will be used for funding strategic investments and acquisitions and Rs 375 crore for expanding its presence outside India, news reports said..

Also, the proceeds from the IPO will be used for funding strategic investments and acquisitions, expanding presence outside India, and general corporate purpose.

Kotak Mahindra Capital Company, Morgan Stanley India Company, 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 is an online platform for insurance and lending products, leveraging the power of technology, data, and innovation. It provides convenient access to insurance, credit, and other financial products and aims to create awareness amongst Indian households about the financial impact of death, disease, and damage.

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Published on: Tuesday, October 26, 2021, 11:10 PM IST
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