The initial public offering (IPO) of PB Fintech Ltd, parent of online financial service providers Policybazaar and Paisabazaar, closed on Wednesday, with a subscription of 17 times.
As of 5.45pm, the ₹6,017 crore IPO had received applications for 572.38 million shares, compared with the issue size (excluding the anchor book) of 32.04 million shares. At the upper end of the ₹940-980 price band, the IPO drew bids worth roughly ₹56,093.64 crore. The institutional investor category received bids for 481.02 million shares and the book was subscribed 27.52 times, data showed. The non-institutional category comprising high net-worth individuals was subscribed 8.15 times, while demand from retail individual investors stood at 3.45 times.
“Going forward, PB Fintech intends to continuously acquire new customers through brand building activities to educate consumers about insurance and personal credit needs and international expansions. It plans to expand into adjacencies platform with investment in digital and technology infrastructure and strategic investments and acquisitions to enhance product and service capabilities. Given the positive industry prospects and Policy Bazaar strong foothold, we have a positive view on the company from the long-term perspective," Ashika Research said in a note to investors.
