PolicyBazaar parents IPO to open on November 1 share market check price bank investment money.
By Lokmat English Desk | Published: October 27, 2021 03:49 PM2021-10-27T15:49:39+5:302021-10-27T15:49:39+5:30
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Latest IPO News: FB Fintech, the parent company of insurance aggregator Policybazaar, has announced the date of its company's IPO. The company's IPO will open on November 1 and close on November 3.
The price band of the company's IPO is Rs 940-980. Under this, 6,07,30,265 shares with a face value of Rs 2 will be issued.
Applicants who will not be allotted shares will have their money refunded on November 11, while those who will be allotted shares will have their shares credited on November 12.
According to reports, PB Fintech will raise Rs 5,709.72 crore through this issue. Under this, new shares worth Rs 3750 crore will be issued.
Existing promoters and shareholders will sell shares worth Rs 1,597.72 crore through an offer for sale (OFS). Investor SVF Python II (Cayman) will sell shares worth Rs 1,875 crore. The company has a 9.45 percent stake in PB Fintech.
Kotak Mahindra Capital, Morgan Stanley, ICICI Securities, HDFC Bank Ltd, IIFL Securities, Citigroup Global Markets India (Citig)
The company will spend Rs 1,500 crore of the funds raised through the IPO to create awareness about other brands, including the policy market.
The company will spend Rs 375 crore to increase the number of customers. It also includes reaching customers through offline channels.
In addition, the company will make a strategic investment and acquisition of Rs 600 crore. Apart from this, it will expand outside the country with Rs 375 crore. The company may also use the funds for general corporate purposes.