PB Fintech IPO
PB Fintech Limited (POLICYBZR) · mainboard IPO on NSE and BSE · 100% Book Building. Listed on 15 November 2021.
Issue details
Listing day
Back-tested estimate (from a model that had only seen earlier years' IPOs): listing gain +10.9% (likely range -9% to +19%), day's high +17.8%, chance of a gain 97%. Actual: +17.4% at the open, +27.4% at the high.
Subscription status
| Category | Shares offered | Shares bid for | Subscribed | |
|---|---|---|---|---|
| QIB (institutions) | 1,93,29,621 | 48,10,22,745 | 24.9x | |
| NII (HNI) total | 91,09,539 | 7,12,43,700 | 7.82x | |
| Retail | 60,73,026 | 2,01,17,655 | 3.31x | |
| Total | 3,45,12,186 | 57,23,84,100 | 16.6x |
Bids on NSE and BSE together, as published by NSE, as of 03 Nov 2021, 05:00 PM. Shares offered exclude the anchor portion. 3% of all shares bid for were at the cut-off price.
Past IPOs with similar demand
Earlier mainboard IPOs whose QIB, NII and retail subscription and size were closest to PB Fintech's, and how they listed.
| IPO | QIB | NII | Retail | Total | Size | Listing gain | Day high |
|---|---|---|---|---|---|---|---|
| Bandhan BankMar 2018 | 38.7x | 13.9x | 1.20x | 14.6x | ₹4,473 Cr | +33.1% | +33.1% |
| Larsen & Toubro InfotechJul 2016 | 19.9x | 10.8x | 7.39x | 11.7x | ₹1,242 Cr | -6.1% | 0.0% |
| Future Supply Chain SolutionsDec 2017 | 12.4x | 11.2x | 3.28x | 7.56x | ₹650 Cr | 0.0% | +5.3% |
| Aptus Value Housing Finance IndiaAug 2021 | 32.4x | 33.9x | 1.35x | 17.2x | ₹2,780 Cr | -5.7% | +0.5% |
| Newgen Software TechnologiesJan 2018 | 15.6x | 5.52x | 5.18x | 8.25x | ₹428 Cr | +3.7% | +8.9% |
| CarTrade TechAug 2021 | 35.4x | 41.0x | 2.75x | 20.3x | ₹2,999 Cr | -1.1% | 0.0% |
Lead managers and their listing record
| Book running lead manager | Mainboard IPOs since 2019 | Avg listing gain | Listed at a premium |
|---|---|---|---|
| Citigroup Global Markets India | 35 | +14.2% | 63% |
| Kotak Mahindra Capital Company | 83 | +20.8% | 76% |
| Morgan Stanley India Company | 24 | +13.9% | 67% |
| ICICI Securities | 109 | +21.3% | 69% |
| HDFC Bank | 16 | +15.8% | 75% |
| IIFL Securities | 94 | +19.3% | 71% |
| Jefferies India | 26 | +19.5% | 81% |
Offer documents (NSE)
Frequently asked
What is the PB Fintech IPO price band and lot size? ₹940–980 per share, with a lot of 15 shares, so the smallest retail bid is ₹14,700.
How many times has it been subscribed? 16.6x overall: QIB 24.9x, NII 7.82x, retail 3.31x.
How did it list? It opened at ₹1,150, +17.4% against the issue price of ₹980, and closed its first day +22.7%.
