The share sale of PB Fintech-owned Policybazaar was subscribed 54 percent on November 1, the first day of bidding. The initial public offering received bids for 1.85 crore equity shares against an offer size of 3.45 crore equity shares.
Retail investors submitted bids for 118 percent of the allocated portion for them.The retail portion saw bidding of 71,70,180 shares against 60,73,026 allotted.
The portion set aside for non-institutional investors was subscribed 6 percent. Qualified institutional buyers put in bids for 56 percent of the shares allocated for them.
The initial public offering has a face value of Rs 2 per equity share.
The IPO will close on November 3. The firm has fixed a price band of Rs 940-Rs 980 per share with an aim to garner Rs 5,710-crore share sale.
The IPO comprises a fresh issue of Rs 3,750 crore worth of equity shares and an offer for sale of Rs 2,267.50 crore by existing shareholders.
Allotment of shares is likely to be done on November 10 and the online insurance platform will make its market debut on November 15.
Lot size of the IPO is 15 shares for which one will have to spend Rs 14,700. One can apply for a maximum of 13 lots or 195 shares for which Rs 1,91,100 will have to be spent.
PB Fintech Ltd, the parent firm of Policybazaar had received Sebi's nod for the IPO on October 19. PB Fintech also owns Paisabazaar.
As part of the offer for sale (OFS), SVF Python II (Cayman) will sell shares worth Rs 1,875 crore, Yashish Dahiya will sell shares worth Rs 250 crore and some other selling shareholders will also offer shares.
The company on Friday said it garnered a little over Rs 2,569 crore from anchor investors ahead of its IPO.
155 anchor investors including leading insurance firms such as HDFC Life, ICICI Prudential, Bajaj Allianz Life, SBI General Insurance, and Max Life Insurance put in bids for the allocated slot.