PolicyBazaar IPO announced: Check subscription date, price band and more

PolicyBazaar IPO will open for subscriptions on November 1.  The three-day IPO will conclude on November 3, the company announced in a virtual press conference. As of now, the company hasn’t revealed the listing date.

PolicyBazaar has reserved 75 per cent of the entire for qualified institutional buyers, 15 per cent of the issue for non-institutional investors and the remaining 10 per cent for retail investors. Investors will be able to bid for a minimum of 15 equity shares and in multiples of 15 equity shares thereafter.

PolicyBazaar plans to use the proceeds of the fresh issue to enhance visibility and awareness of the company's brands. The company will also invest the funds to look for new opportunities to expand growth initiatives to increase the consumer base including offline presence.

The IPO will also witness an offer for sale of about Rs 1,960 crore by existing shareholders SVF Python II (Cayman), Yashish Dahiya, Shikha Dahiya and  Rajendra Singh Kuhar. Here’s a breakup: 

 

SVF Python II (Cayman) will sell stakes worth Rs 1,875 crore 

 

Yashish Dahiya will sell shares worth Rs 30 crore 

 

Alok Bansal will offload shares worth Rs 12.75 crore 

 

Shikha Dahiya will divest shares worth Rs 12.25 crore 

 

Rajendra Singh Kuhar will sell shares worth Rs 3.5 crore.

 

Founder United Trust will sell around 2,67,500 shares worth Rs 26.21 crore on upper band price. 

PolicyBazaar has fixed the price band of the IPO at Rs 940-980 per share.