Policybazaar, Fino Payments IPO update
On day 2 of the initial public offering (IPO) by PB Fintech which owns Policybazaar, Fino Payments are receiving indifferent investor response.
While Policybazaar IPO has been subscribed 61% so far, the response Fino Payments issue remains relatively strong.
On November 2, the second day of bidding, Policybazar offer received bids for 2.09 crore equity shares against IPO size of 3.45 crore shares.
Retail investors were at the forefront, for whom the 10% of offer size is reserved, receiving bids 1.50 times the portion set aside for them.
The reserved portion of qualified institutional buyers was subscribed 56% and that of non-institutional investors saw subscription of 12%.
The IPO of fintech company Fino Payments Bank had been subscribed 95%, with investors putting in bids for 1.08 crore shares against the IPO size of 1.14 crore shares.
The total offer size for public has been reduced to 1.14 crore equity shares from 2.09 crore shares after the company garnered Rs 538.78 crore from anchor investors on October 28.
Retail investors have bought 4.99 times the portion reserved for them, with employees bidding for 32,225 shares.
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