PolicyBazaar IPO share allotment is likely to take place today. The Rs 5,000 crore public offer of PB Fintech, the parent of PolicyBazaar and PaisaBazaar, received a good investor response as it was subscribed over 16 times on the final day of the bidding process.
PolicyBazaar had fixed the price band at Rs 940-980 for the IPO that ran between November 1-3. Investors who had applied for the PolicyBazzar IPO can check the status of allotment of shares online, either through the registrar Link Intime's website or directly through the portal of BSE.
The status will only appear if the details are entered correctly. In the case of non-allotment, the blocked amount will be refunded to your bank account.
Here's how you can check the allotment status:
Through the website of registrar - Linkintime
1) Visit the website: https://www.linkintime.co.in/IPO/public-issues.html
2) Select IPO name from the drop-down menu
3) Enter the application number or DP ID/Client ID or PAN
4) In the case of application number, select application type (ASBA or NON-ASBA) and 'Enter Application Number'. In the case of DPID/Client ID, select Depository "NSDL or CDSL" and enter "DP ID/Client ID".
5) Enter 'Captcha' and submit
On BSE:
1) Visit the website: https://www.bseindia.com/investors/appli_check.aspx.
2) Select ‘Equity’ and then from the dropdown, select issue name
3) Enter your Application Number and PAN Card number
4) Click on the "Search" button
The shares of PolicyBazaar are expected to list next week on Monday on both major exchanges - National Stock Exchange (NSE) and Bombay Stock Exchange (BSE).
The issue received a robust response from the investors and was oversubscribed 16 times on the final day of bidding. The portion reserved for retail investors was subscribed 3 times, while that of non-institutional investors' was subscribed 7 times, as per the subscription data available on the exchanges. Institutional buyers subscribed 25 times their reserved portion.
PolicyBazaar's public issue comprised of a fresh issue of shares worth Rs 3,750 crore and an offer for sale worth Rs 1,959 crore. Together, the company sold 13 percent of the post issue paid-up equity worth Rs 5,709 crore. It is seeking a market value of Rs 44,000 crore at the upper band of the price range.
The company aims to use these funds to build brand awareness of both PolicyBazaar and Pasiabazaar. It also plans to expand its consumer base, fund strategic investments and acquisitions, and expand in foreign markets.
Brokerages recommended subscribing to the issue for listing gains. Motilal Oswal said the issue is valued at 46.3 times the FY22 market cap/sales on a post-issue annualised basis. Compared to the global peers, this valuation is expensive, it said. But it would attract investors given its leadership position in both digital insurances and the consumer credit market.
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