Policybazaar parent firm’s IPO to open on Nov 1; price band set at Rs 940-980/share

PB Fintech, which operates online insurance platform Policybazaar and credit comparison portal Paisabazaar, on Wednesday fixed a price band of Rs 940-980 a share for its Rs 5,710-crore initial share sale, which will open on November 1.

The three-day initial public offering (IPO) will conclude on November 3, the company announced in a virtual press conference.

The Rs 5,710-crore IPO comprises a fresh issue of Rs 3,750 crore worth of equity shares and an offer for sale of about Rs 1,960 crore by existing shareholders.

As part of the offer for sale (OFS), SVF Python II (Cayman) will sell shares worth Rs 1,875 crore, Yashish Dahiya will offload shares worth Rs 30 crore, Alok Bansal will divest shares worth Rs 12.75 crore,