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Policybazaar IPO Subscribed 16.59 Times On Final Day Of Issue


Policybazaar IPO: The company has fixed the price band of Rs 940 to Rs 980 per share

Policybazaar’s initial public offer (IPO) was subscribed 16.59 times on the third and final day of its issue, according to subscription data on the stock exchanges. The IPO of the country’s leading online insurance aggregator opened for subscription on Monday, November 1, and closed today, November 3 – remaining open for investors for a period of three days.

On Wednesday, qualified institutional buyers or QIB showed greater interest as the portion reserved for them was subscribed 24.89 times – the highest among the three groups of investors. The portion set aside for retail individual investors (RII) was subscribed 3.31 times, while the portion reserved for the non-institutional individual investors was subscribed 7.82 times.

The company had fixed a price band of Rs 940 to Rs 980 per equity share for its public offer. The public offer comprises a fresh issue of Rs 3,750 crore, along with an offer for sale (OFS) of Rs 1959.72 crore by the existing promoters and shareholders.

The online aggregator is operated by PB Fintech, catering to consumers and insurer partners to buy and sell insurance products. The platform provides information, choice, and transparency in terms of insurance policies.

“PB Fintech has reported a healthy 80 per cent CAGR rise in revenues from Rs 492 crore in FY19 to Rs 887 crore in FY21, backed by a robust rise in insurance commission income.

While the company has not yet reported a profit, the loss has narrowed from Rs 347 crore in FY19 to Rs 150 crore in FY21. Investors should bear in mind that the company could continue to report losses over the medium-term.

The company’s founder has hinted that the focus is right now on growth, and not on profitability, as the insurance industry remains underpenetrated.

Since its inception, the company has grown to become India’s largest digital insurance marketplace, with a market share of 93.4 per cent (based on the number of policies sold),” said SEBI-registered investment advisor INDmoney said in a report.

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