[ad_1]
PB Fintech, the parent company of online insurance aggregator Policybazaar, has mopped up Rs 2,569 crore through allocation to anchor investors. The company said in a BSE filing late on Friday that the anchor investor (AIs) portion in the public issue of 26,218,079 equity shares has been subscribed at Rs 980 apiece.
Moreover, 33.5 per cent of the total allocation to anchor investors was made to 18 domestic mutual funds through 69 mutual fund schemes.
PB Fintech has set a price band of Rs 940-950 apiece for its initial public offering (IPO), which will open on November 1 and close on November 3.
The fintech startup may be valued at around Rs 44,000 crore, and looking to raise an amount of around Rs 5,826 crore. The IPO comprises a fresh issue of Rs 3,750 crore, along with an offer for sale (OFS) of Rs 1959.72 crore by existing promoters and shareholders.
According to the company’s draft red herring prospectus (DRHP), SVF Python II (Cayman) is offloading shares worth Rs 1,875 crore, and other shareholders will sell shares worth Rs 392.50 crore, of which Yashish Dahiya, chairman and chief executive officer of the company, will sell Rs 250 crore worth of shares.
The company said it will use around Rs 1,500 crore out of the net proceeds to fund marketing initiatives over the next three years.
Further, it intends to utilise Rs 375 crore to expand the consumer base, including offline presence; Rs 600 crore for strategic acquisitions and investments; Rs 375 crore for expanding presence outside India; and some portion for general corporate purposes. Kotak Mahindra Capital, Morgan Stanley, Citigroup Global Markets India, ICICI Securities, HDFC Bank, IIFL Securities, and Jefferies India are the book running lead managers to the issue.
Dear Reader,
Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.
We, however, have a request.
As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.
Support quality journalism and subscribe to Business Standard.
Digital Editor
[ad_2]
Source link
