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Policybazaar shares list at 17% premium to IPO price, market cap rises to Rs 53k crore

Policybazaar shares list at 17% premium to IPO price, market cap rises to Rs 53k crore

The online insurance platform made its market debut at Rs 1,150 per share on the BSE against the IPO issue price of Rs 980.

The Policybazaar IPO was subscribed 16.58 times on the last day of the offer. The Policybazaar IPO was subscribed 16.58 times on the last day of the offer.

Shares of Policybazaar listed at over 17% premium to the issue price today. The online insurance platform made its market debut at Rs 1,150 per share on the BSE against the IPO issue price of Rs 980. Price band of the IPO was fixed at Rs 940-Rs 980 per share. Total 5.80 Lakh shares of the firm changed hands amounting to a turnover of Rs 67.64 crore on BSE. Market cap of the firm stood at Rs 53,229 crore.

On NSE, Policybazaar made its debut at Rs 1,150 per share, implying a premium of 17.34%. Total 1.6 crore shares of the firm changed hands amounting to a turnover of Rs 1,924 crore on NSE. Market cap of the firm stood at Rs 52,225 crore.

The county's largest online platform for insurance and lending products collected Rs 5,625 crore through the public issue.

The share sale was subscribed 16.58 times on the last day of the offer. The portion allocated for qualified institutional buyers was subscribed 24.89 times, retail investors' subscribed to 3.31 times the shares reserved for them and that of non-institutional investors saw 7.82 times subscription.

The IPO was open from November 1 to November 3. The firm fixed a price band of Rs 940-Rs 980 per share. The IPO comprised 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 was done on November 10. Lot size of the IPO was 15 shares for which one would have to spend Rs 14,700. A maximum of 13 lots or 195 shares could be bought in the IPO for which Rs 1,91,100 would have to be spent.

PB Fintech Ltd, the parent firm of Policybazaar 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) sold shares worth Rs 1,875 crore and Yashish Dahiya offloaded shares worth Rs 250 crore among other shareholders.

The company garnered a little over Rs 2,569 crore from anchor investors a day 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.