Policybazaar's parent firm PB Fintech collects Rs 2,569 cr from anchor investors

PB Fintech Ltd, which operates online insurance platform Policybazaar and credit comparison portal Paisabazaar, on Friday said it has garnered a little over Rs 2,569 crore from anchor investors ahead of its IPO that opens on Monday.

PB Fintech Ltd, which operates online insurance platform Policybazaar and credit comparison portal Paisabazaar, on Friday said it has garnered a little over Rs 2,569 crore from anchor investors ahead of its IPO that opens on Monday. The company has decided to allocate 26,218,079 shares to 155 anchor investors at Rs 980 apiece, aggregating the transaction size to Rs 2,569.37 crore, according to a circular uploaded on BSE website. Goldman Sachs, Nomura, BlackRock Global Funds, Morgan Stanley, Canada Pension Plan Investment Board, Fidelity, Abu Dhabhi Investment Authority, ICICI Prudential Mutual Fund (MF), SBI MF, Axis MF and UTI MF are among the anchor investors that have been allocated shares. The Rs 5,710-crore IPO comprises a fresh issue of Rs 3,750 crore worth of equity shares and an offer for sale of about Rs 1,960 crore by existing shareholders. As part of the OFS, SVF Python II (Cayman) will sell shares worth Rs 1,875 crore, Yashish Dahiya will offload shares worth Rs 30 crore, Alok Bansal will divest shares worth Rs 12.75 crore, Shikha Dahiya will sell shares to the tune of Rs 12.25 crore and Rajendra Singh Kuhar will offload shares worth Rs 3.5 crore. In addition, Founder United Trust will sell around 2,67,500 shares and in upper band price it comes to around Rs 26.21 crore. The issue, with a price band of Rs 940-980 a share, will open for public subscription during November 1-3. Of the entire issue, 75 per cent will be reserved for qualified institutional buyers, 15 per cent for non-institutional investors and the remaining 10 per cent for retail investors. 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.

Also, the proceeds from the IPO will be used for funding strategic investments and acquisitions, expanding presence outside India and general corporate purpose. PB Fintech is the leading online platform for insurance and lending products, leveraging the power of technology, data and innovation. It provide convenient access to insurance, credit and other financial products.

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.

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