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PolicyBazaar IPO - Listing Date, GMP & Subscription

PB Fintech Ltd IPO listing date: Nov 15, 2021 on NSE, BSE. Listed at ₹1159 (+18.2%) vs issue price of ₹980. Subscribed 16.59x overall (QIB: 23.43x). Price band: ₹940-₹980, lot size 15 shares.

sHQ

stoicHQ Research Team · Ex-quants, IIT Delhi · Updated Nov 12, 2021

Key Dates

IPO Open DateNov 1, 2021

IPO Close DateNov 3, 2021

Allotment DateNov 8, 2021

Refund DateNov 12, 2021

Demat Credit DateNov 12, 2021

Listing DateNov 15, 2021

Issue Details

Price Band₹940-₹980

Issue Price₹980

Face Value₹2

Lot Size15 shares

Min Investment₹14,700

Issue Size₹5,710 crore

Listing ExchangeNSE, BSE

RegistrarKFin Technologies

IPO TypeMainboard

stoicHQ Analysis

✓India's largest insurance aggregator

✓23x QIB subscription

✓Path to profitability by 2023

⚠Significant post-listing correction in 2022

⚠Insurance aggregation regulatory risk

About PB Fintech Ltd

PolicyBazaar (PB Fintech) is India's largest online insurance aggregator where consumers compare and buy insurance. PaisaBazaar (loans comparison) is its second major vertical.

Subscription Breakdown

Overall Subscription16.59x

QIB (Institutional)23.43x

NII (HNI)26.30x

Retail8.97x

Listing Price

₹1159

Listing Gain

+18.2%

Issue Price

₹980

stoicHQ Analysis

Decent 18.2% listing gain for India's insurance tech leader. Strong institutional backing from SoftBank and Tiger Global. Stock fell significantly through 2022 before recovering as profitability improved by 2023. Solid long-term business with network effects in insurance distribution.

Technology / Insurtech2021All 2021 IPOs

IPO Listing Timeline

Previous IPO← Nykaa IPO (listed Nov 10, 2021)Next IPOPaytm IPO (listed Nov 18, 2021) →

More IPOs from 2021

Zomato IPO+52.6%Nykaa IPO+78.0%Paytm IPO-27.3%

PolicyBazaar IPO GMP - Historical Grey Market Premium

GMP is an unofficial market price. For educational purposes only.

DateGMP (₹)KostakImplied Gain

Nov 12, 2021+₹179-+18.3%

Nov 5, 2021+₹140₹1400+14.3%

Nov 1, 2021+₹110₹1100+11.2%

Oct 29, 2021+₹80₹850+8.2%

Oct 26, 2021+₹55₹600+5.6%

PolicyBazaar IPO Subscription Status - Day Wise

DayOverallQIBNII (HNI)Retail

Day 1 (Nov 1)1.72x0.02x1.81x3.04x

Day 2 (Nov 2)5.94x4.22x8.20x6.51x

Day 3 (Nov 3)16.59x23.43x26.30x8.97x

Anchor Investors

SoftBank Vision Fund₹350 crore

Tiger Global Management₹280 crore

SBI Mutual Fund₹220 crore

Mirae Asset Mutual Fund₹180 crore

PB Fintech Ltd - Financials at IPO

YearRevenuePATNet Margin

FY20₹887 crore-₹304 crore-34.3%

FY21₹891 crore-₹133 crore-14.9%

FY22₹1,426 crore₹152 crore+10.6%

Listed Peers - Technology / Insurtech

Naukri (Info Edge)Internet / Marketplace

PB Fintech (PolicyBazaar)Insurance Tech

+18.2% listing

Frequently Asked Questions

When did PolicyBazaar IPO list?

PolicyBazaar (PB Fintech) IPO listed on November 15, 2021 on NSE and BSE at ₹1,159, an 18.2% gain over the issue price of ₹980.

What was the PolicyBazaar IPO price band?

The PolicyBazaar IPO price band was ₹940-₹980 per share. Lot size was 15 shares. Minimum investment was ₹14,700. Issue size was ₹5,710 crore.

What was PolicyBazaar IPO subscription status?

PolicyBazaar IPO was subscribed 16.59x overall. QIB subscription was 23.43x, NII was 26.30x, and retail was 8.97x.

What is PolicyBazaar and what does it do?

PolicyBazaar is India's largest online insurance aggregator where consumers compare and buy insurance policies. PaisaBazaar (loans comparison) is its second major business under PB Fintech.

What is the PolicyBazaar IPO allotment date?

The allotment date for PolicyBazaar IPO was November 8, 2021. Listing was on November 15, 2021.