Mumbai: Initial Public Offering (IPO) of PB Fintech Ltd., which operates an online insurance platform Policybazaar India and financial services portal PaisabazaarOn Wednesday, the third day of subscription was subscribed 16.59 times.

The issue received bids for 57.24 crore equity shares against an offer size of 3.45 crore. The share of shares reserved for qualified institutional investors was subscribed 24.89 times, while non-institutional investors or high net worth individuals bid for 7.82 times the amount earmarked for them. The share of retail investors was subscribed 3.31 times.

The PolicyBazaar IPO, which opened on November 1, consisted of a fresh issue of Rs 3,750 crore and an offer for sale of Rs 1,960 crore. The SoftBank-backed startup on Friday raised Rs 2,569 crore from 155 anchor investors. The price band has been fixed at Rs 940-980 per share.

The company will use the proceeds of the IPO to increase visibility and awareness of brands, explore new opportunities to expand the consumer base – including offline presence, strategic investments and acquisitions – and expand its presence outside India.

Citigroup Global Markets India, Kotak Mahindra Capital Company, Morgan Stanley India Company, ICICI Securities, HDFC Bank, IIFL Securities and Jefferies India are the book-running lead managers. PB Fintech IPO.