PolicyBazaar IPO opens up-Retail portion fully subscribed
- ByStartupStory | November 2, 2021
On its first day of listing, the PB Fintech backed startup PolicyBazaar has achieved 54% subscription of its listed shares. According to the National Stock Exchange (NSE), the subscribers have subscribed to 1, 85, 59,800 equity shares as against the total issue size of 3, 45, 12,186 equity shares.
The company intends to raise Rs. 5, 625 crores from its listing in the stock market. The shares have been made available at a price range of 940-980 apiece. The grey market premium has halved from Rs. 320 to Rs. 130. Prior to this, the company raised Rs. 2,569 crores from 155 anchor investors.
Policybazaar is a leading online platform which enables individuals to procure insurance at affordable prices. It is India’s foremost insurance aggregator and leading FinTech player.
Commenting on the IPO, Ravi Singh, VP and Head of Research at Share India Securities said “Policybazaar has so far able to attract new customers through unique 1.26 million visits during FY21 on its platform and maintained the leadership in digital marketplace. However, any public health threat like the Covid-19 pandemic, could adversely affect the business, financial condition, and results of operations. If we consider the overall business model of Policybazaar and its valuations over the past years then a NEUTRAL rating on this issue would be most suitable.”
Follow Startup Story
Related Posts
