As of 12.33 pm, the issue was subscribed 2.13 times. It received applications for 7,36,76,655 shares against on offer 3,45,12,186 shares.
PB Fintech mopped up Rs 2,569.37 crore from 155 anchor investors on Friday, a day ahead of IPO opening. The company finalised allocation of 2.62 crore equity shares to anchor investors at a price of Rs 980 per share. The company is selling its shares in the range of Rs 940-980 apiece.
The issue has generated mixed recommendations from analysts, with some raising questions over the valuation. However, the majority believe it is an issue worth subscribing to given the underpenetrated insurance market.
Amarjeet Maurya, AVP- Mid Caps, Angel One, said the company provides convenient access to insurance, credit, and other financial products and aims to create awareness in India about the financial impact of death, disease, and damage.
“In terms of valuations, the post-issue FY2021 EV/Sales works out 47.6x, which is high, considering its historic performance in terms of bottomline,” Maurya added, who has recommended a ‘neutral’ rating on the issue.
