The initial public offering (IPO) of PB Fintech, the parent company of Policybazaar and Paisabazaar started slow as it had received 54 per cent bids on the first day. Investors bid for 1,85,59,800 equity shares against a total issue size of 3,45,12,186 equity shares on Day 1, according to the data from the National Stock Exchange (NSE). PB Fintech has built India’s largest online platform for insurance — Policybazaar.com and one of the most popular lending platform — Paisabazaar.com. The Rs 5,625 crore IPO will be opened for subscription from November 1-3. The company has fixed the price band at Rs 940-980 per equity share. The maiden offer will be a combination of fresh issue and offer-for-sale (OFS) shares. The company will not receive any proceeds from the OFS portion of the issue.
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