Latest IPO News : PB Fintech, the parent company of insurance aggregator Policybazaar, has announced the date of opening of its 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, the face value of Rs. 6,07,30,265 shares will be issued. Applicants whose shares will not be allotted, their money will be returned on November 11, while on November 12, the shares will be credited in the account of successful applicants.
PB Fintech to raise capital of Rs 5709.72 cr
According to reports, PB Fintech will raise capital of Rs 5709.72 crore through this issue. Under this, new shares worth Rs 3750 crore will be issued, while existing promoters and shareholders will sell shares worth Rs 1959.72 crore through Offer for Sale (OFS). SVF Python II (Cayman), an investor in the company, will sell shares worth Rs 1875 crore. The company has a 9.45 percent stake in PB Fintech.
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He is the Lead Manager of Book Running
Kotak Mahindra Capital, Morgan Stanley, ICICI Securities, HDFC Bank (HDFC Bank Ltd) IIF Securities, Citigroup Global Markets India and (Citigroup Global Markets India) and Jeffries India Is the lead manager of the book running of the IPO.
The company will spend Rs 1,500 crore out of the funds raised through the IPO in creating awareness about other brands including PolicyBazaar. It will spend Rs 375 crore to increase its customer base, which includes reaching out to customers through offline channels as well. In addition, the company will make strategic investments and acquisitions with Rs 600 crore and expand outside the country with Rs 375 crore. The company can also use this fund for general corporate purposes.
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