Policybazaar IPO - Subscription Day 3

Policybazaar IPO - Subscription Day 3

IPO
by 5paisa Research Team Last Updated: 2021-11-09T10:09:51+05:30

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, may have seen a slow response on Day-1 and Day-2 but Day-3 made up for all that.

As per the combined bid details put out by the BSE, PB Fintech (Policybazaar & Paisabazaar) IPO was subscribed 16.59X overall at the close of Day-3, with bulk of the demand coming from the QIBs, followed by the HNIs and retail. The issue has closed on 03rd November.


As of close of 03rd November, out of the 345.12 lakh shares on offer in the IPO, PB Fintech (Policybazaar & Paisabazaar) saw bids for 5,723.84 lakh shares. This implies an overall subscription of 16.59X. The granular break-up of subscriptions were tilted in favour of QIBs as of the end of Day-3 of the IPO, followed by the HNIs and retail. QIB bids and NII bids typically came in only on the last day of the IPO.

 

PB Fintech (Policybazaar & Paisabazaar) IPO Subscription Day-3
 

Category

Subscription Status

Qualified Institutional Buyers (QIB)

24.89 Times

Non Institutional Investors (NII)

7.82 Times

Retail Individuals

3.31 Times

Employees

N.A.

Overall

16.59 times

 

QIB Portion

The QIB portion of the Policybazaar IPO saw 24.89X subscription at the close of Day-3. 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 4,810.23 lakh shares at close of Day-3 of the IPO. QIB bids typically get bunched on the last day, but anchor response had been robust and that was good news for the QIB response on the last day of the IPO.

HNI / NII Portion

The HNI portion was subscribed 7.82X (getting applications for 712.44 lakh shares against the quota of 91.10 lakh shares). This is a relatively strong response on Day-3 since 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 normally gets clear on the last day. 

Retail Individuals

The retail portion was subscribed a robust 3.31X at the close of Day-3, showing decent 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 201.18 lakh shares, which included bids for 163.57 lakh shares at the cut-off price. The IPO is priced in the band of (Rs.940 – Rs980) and has closed for subscription on 03rd November 2021.

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