Policybazaar Mobilises Rs 2,569.37 Crore From Anchor Investors, IPO Opens On November 1
Summary
PB Fintech, the operator of Policybazaar, has mopped up Rs 2,569.37 crore from 155 anchor investors October 29, a day ahead of IPO opening. PB Fintech is planning to garner Rs 5,625 crore through its initial public offering that consists of a fresh issue of Rs 3,750 crore, and an offer for sale of Rs 1,875 crore by investor SVF Python II (Cayman) and other selling shareholders. The price band for the offer, which closes on November 3, has been fixed at Rs 940-980 per share. To Know All IPO Related News, Click Here The company will utilise net proceeds from fresh issue for enhancing visibility and awareness of the brands (Policy bazaar and Paisa bazaar), new opportunities to expand consumer base including offline presence, strategic investments and acquisitions, and expanding the presence outside India. In FY20, Policybazaar was the largest digital insurance marketplace among all online insurance distributors with 93.4 percent market share based on number of policies sold, in India.
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