Policybazaar IPO allotment likely today: Here’s how to check status

PB Fintech Limited, which owns the portals Policybazaar and Paisabazaar, whose initial public offer was concluded on Wednesday will start allotting shares on November 10.

The issue received bids for 57,23,84,100 shares against 3,45,12,186 shares on offer, according to NSE data.

The category for Qualified Institutional Buyers (QIBs) was subscribed 24.89 times and that of non-institutional investors 7.82 times and Retail Individual Investors (RIIs) 3.31 times.

The price range for the offer was at Rs 940-980 per share.

The Rs 5,710 crore IPO had 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.

Proceeds generated from 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.

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