The allotment status of PolicyBazaar IPO would be announced tomorrow

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The allotment status of PolicyBazaar IPO would be announced tomorrow
PolicyBazaar
  • 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.

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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 November 15, 2021.

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

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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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