Policybazaar IPO opened to a tepid response on its first day of subscriptionThe much awaited initial public order (IPO) of PB Fintech’s Policybazaar made an underwhelming debut, as it opened to weak subscriptions on Monday, November 1.The Policybazaar IPO subscribed barely 0.54 times on the first day.Subscriptions for it were led by retail individual investors (RIIs), as they bid for it 1.18 times. The retail portion saw bidding of 71,70,180 shares against 60,73,026 allotted.After RIIs, qualified institutional buyers (QIBs) with 0.56 times bidding and non-institutional investors (NIIs) with 0.06 times bidding, were the other bidders for the IPO.The subscription for Policybazaar IPO will close on November 3, 2021. PB Fintech also owns Paisabazaar.Some of main features of Policybazaar IPO are as follows:The initial public offering has a face value of Rs 2 per equity share.Policybazaar IPO price is fixed at Rs 940 to Rs 980 per equity share.The initial public offering has a market lot of 15 shares and minimum order quantity of 15 shares.Policybazaar IPO has an issue size of Rs 5,625 crore. It has a fresh issue of Rs 3,750 crore and an offer for sale of Rs 1,875 crore.The proceeds from the issue will be used for creating greater visibility and awareness about the company’s brands, as PB Fintech aims to look at fresh opportunities to increase its customer base, especially in the offline segment.The returns will also be used for future acquisitions and strategic investments and expanding the company’s base in other countries.
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