The allotment status of PolicyBazaar IPO would be announced tomorrow

• PolicyBazaar will list on November 15, 2021.
• The issue received bids for 57.24 crore equity shares against an offer size of 3.45 crore.
• According to reports, Policybazaar shares are available at a premium of ₹150 in the grey market.

The allotment status of the initial public offering (IPO) of PB Fintech — the parent company of insurance selling platform PolicyBazaar and lending platform PaisaBazaar — will be announced on Wednesday, November 10.

The IPO opened for subscription on November 1 and ended two days later on November 3.

PolicyBazaar offered its shares at a price band of ₹940 to ₹980, and the lot size was set at 15 shares. At the upper price band, PolicyBazaar was seeking a valuation of $6.1 billion.

The company’s shares were subscribed by 16.59 times. The issue received bids for 57.24 crore equity shares against an offer size of 3.45 crore.

PolicyBazaar will list on $4.

According to $4, PolicyBazaar shares are available at a premium of ₹150 in the grey market.

PolicyBazaar’s IPO will include fresh issue of ₹3,759 crore and an offer for sale (OFS) of ₹1,959 crore from existing investors.

PB Fintech will use the proceeds from the upcoming IPO for marketing of PolicyBazaar and PaisaBazaar. The company has decided to allocate ₹1500 crore of the proceeds for increasing brand awareness.

Besides this, PolicyBazaar will also invest an additional ₹600 crore on funding strategic investments and acquisition. About ₹375 crore will be used to increase the company’s customer base both online and offline.
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