Policybazaar IPO - Subscription Day 2
The Rs.5,625 crore IPO of PB Fintech (Policybazaar & Paisabazaar), consisting of a fresh issue of Rs.3,750 crore and an offer for sale (OFS) of Rs.1,875 crore, saw a tepid response on Day-1 and Day-2 was relatively better.
As per the combined bid details put out by the BSE, PB Fintech (Policybazaar & Paisabazaar) IPO was subscribed 1.59X overall at the end of Day-2, with bulk of the demand coming from the retail segment and the QIBs. The issue closes on 03rd November.
As of close of 02nd November, out of the 345.12 lakh shares on offer in the IPO, PB Fintech (Policybazaar & Paisabazaar) saw bids for 547.60 lakh shares. This implies an overall subscription of 1.59X.
The granular break-up of subscriptions were tilted in favour of retail investors and QIBs as of the end of Day-2 of the IPO. QIB bids and NII bids typically come in only on the last day of the IPO.
PB Fintech (Policybazaar & Paisabazaar) IPO Subscription Day-2
Qualified Institutional Buyers (QIB)
Non Institutional Investors (NII)
The QIB portion of the IPO saw 2.08X subscription at the end of Day-2. On 29 October, PB Fintech (Policybazaar & Paisabazaar) did an anchor placement of 2,62,18,079 lakh shares at the upper end of the price band of Rs.980 to 155 anchor investors raising Rs.2,569 crore.
The list of QIB investors including a number of marquee names like Goldman Sachs, Nomura, Blackrock, Morgan Stanley, Canadian Pensions, Fidelity, ADIA, ICICI Pru MF, SBI MF, Axis MF, UTI MF; among others.
The QIB portion (net of anchor allocation as explained above) has a quota of 193.30 lakh shares of which it has got bids for 402.71 lakh shares on Day-2 of the IPO. QIB bids typically get bunched on the last day, but anchor response has been robust and that is good news for the QIB response on the last day of the IPO on 03-November.
HNI / NII Portion
The HNI portion is still under-subscribed at 0.23X (getting applications for 21.20 lakh shares against the quota of 91.10 lakh shares). This is a relatively tepid response on Day-2 although this segment normally sees response on the last day. That is because, bulk of the funded applications and corporate applications,
come in on the last day, so the actual picture should only get better on the last day.
The retail portion was subscribed a robust 2.04X at the end of Day-2, showing strong retail appetite. Retail allocation for this IPO is 10% of the offer size. For retail investors; out of the 60.73 lakh shares on offer, valid bids were received for 123.69 lakh shares, which included bids for 101.27 lakh shares at the cut-off price. The IPO is priced in the band of (Rs.940 – Rs980) and will close for subscription on 03rd November 2021.
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