PolicyBazaar parent’s IPO to open on November 1

The initial public offering (IPO) of PB Fintech, the parent company of PolicyBazaar, will open on November 1 and close on November 3, according to an exchange notification on Bombay Stock Exchange on Tuesday.

The date for post-issue modification is November 8. The Rs 5,700 crore offer is expected to consist of a fresh issue of Rs 3,750 crore and an offer for sale (OFS) component of Rs 1,933.50 crore, in which existing shareholders and promoters will sell shares.

The price band for the issue has been set between Rs 940 and Rs 980 a share. Investment banks such as Kotak Securities, Morgan Stanley, Citigroup Global Markets, ICICI Securities, HDFC Bank, IIFL Securities and Jefferies are set to be the book running lead managers of the issue.