The initial stake sale of PB Fintech was open for subscription between November 1-3. The fintech startup raised Rs 5,625 crore via the primary route, selling its shares in the range of Rs 940-980 apiece.
Merely 24 hours ahead of listing, the scrip was commanding a premium of Rs 150-160 in the grey market, hinting towards a reasonable listing pop at Dalal Street.
The issue was subscribed 16.59 times, thanks to the solid interest of institutional buyers. However, analysts were concerned about the expensive valuations of the issue.
The portion for qualified institutional buyers was subscribed 24 times, whereas the non-institutional buyers portion attracted 7.82 times bid. Retail investors’ portion received 3.31 times bidding.
With this listing, PB Fintech has joined the likes of Nykaa and Zomato, the listed homegrown unicorns. Paytm is the next addition to the list as it is likely to debut on Thursday, November 18.
