PB Fintech, which operates online insurance platform Policybazaar and credit comparison portal Paisabazaar, on Wednesday, fixed the price band at Rs 940-980 a share for its Rs 5,710-crore initial share sale (IPO). The offer opens on November 1 and closes on November 3.
The IPO includes a fresh issue of equity shares aggregating up to Rs 3,750 crore and an offer for sale by the existing shareholders aggregating up to Rs 1,960 crore at the upper end of the price band. As part of the OFS, SoftBank unit SVF Python II (Cayman) plans to sell shares worth around Rs 1,875 crore. Co-founders Yashish Dahiya and Alok Bansal and other shareholders will also divest shares.
The net proceeds from the fresh issue are proposed to be utilised for enhancing visibility and awareness of brands, including but not limited to Policybazaar and Paisabazaar; new opportunities to expand consumer base including offline presence; strategic investments and acquisitions; expanding presence outside India and general corporate purposes.