The initial public offering (IPO) of PB Fintech, which operates online insurance aggregator Policybazaar and credit comparison platform Paisabazaar, opened for subscription on Monday, November 1, 2021. The issue will be available till November 3, 2021, at a price band of Rs 940-980. On Friday, the company said that it collected around Rs 2,569 crore from anchor investors ahead of its IPO.

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PB Fintech aims to raise Rs 5,710 crore through the IPO, which comprises issue of Rs 3,750 crore worth of equity shares and an offer for sale (OFS) of Rs 1,960 crore by existing shareholders.

In the offer for sale, SVF Python II (Cayman) will disinvest shares worth Rs 1,875 crore, Policybazaar CEO Yash Dahiya will sell shares worth Rs 30 crore, Co-Founder & Director Alok Bansal will offload shares worth Rs 12.75 crore, Shikha Dahiya will sell shares worth Rs 12.25 crore and Rajender Singh Kuhar will sell shares worth Rs 3.5 crore.

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Additionally, Founder United Trust will divest 2,67,500 shares which are worth approximately Rs 26.21 crore.

Investors who want to subscribe to Policybazaar IPO can bid in a lot of 15 equity shares and multiples. At the upper price band, a single lot is worth Rs 14,700. The shares will be listed on both the Bombay Stock Exchange (BSE) as well as the National Stock Exchange (NSE) on November 15.

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According to market experts, Policybazaar shares are available at a premium of Rs 150 in the grey market.

PB Fintech is India’s largest online portal for insurance and lending products, it offers various insurance, credit, and other financial products by leveraging the power of technology, data, and innovation. It launched PolicyBazaar in 2008 and PaisaBazaar in 2014.

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The money raised will be used to improve brand visibility and to increase awareness regarding its products and services. The company is aiming to expand its offline presence and further investment opportunities. The major investors in Policybazaar include Goldman Sachs, Nomura, BlackRock Global Funds, Morgan Stanley, Canada Pension Plan Investment Board, Fidelity, Abu Dhabi Investment Authority, ICICI Prudential Mutual Fund (MF), SBI MF, Axis MF, and UTI MF.