Policybazaar, Sigachi Industries IPOs over subscribed on Day-2; SJS Enterprises sees weak response

Three initial public offers (IPOs)—Policybazaar, SJS Enterprises and Sigachi Industries — that opened for subscription on November 1, 2021, were subscribed 1.59 times, 0.51 times and 23.12 times respectively on Tuesday.  The three IPOs will close tomorrow, November 3, 2021.  

PB Fintech's Policybazaar, which saw 1.59 times times subscription, had offered 3,45,12,186 shares on sale, of which bidding were received against 5,47,59,750 shares.  

Retail Individual Investors (RIIs), followed by Qualified Institutional Buyers (QIBs) led the bidding as the two categories saw subscription of 2.08% and 2.046% respectively. RIIs bid for 1,23,68,595 shares against their quota of 60,73,026 shares, while QIBs witnessed application for 4,02,71,175 shares against 1,93,29,621 shares on offer.  

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SJS Enterprises, decorative aesthetics product company, saw retail portion with 52,73,070 shares on offer being nearly subscribed 1% as RIIs bid for 52,52,229 shares.  

There were hardly any buying interest shown by NIIs or QIBs showed for Rs 800-crore SJS Enterprises IPO.  

Meanwhile, Sigachi Industries IPO drew maximum interest from investors as the IPO was subscribed over 16 times around the same time. Against 53,86,500 shares on offer, a bid for whooping 12,45,28,680 (23 times) were made. RIIs applied for 10,36,50,660 shares (38.49 times) against 26,93,250 shares on offers. Similarly, NIIs also subscribed the issue 16.99 times with bids received for 1,96,14,150 shares against 11,54,250 shares.  

The three IPOs aim to raise Rs 6,550 crore from share sale collectively. PB Fintech Ltd (PBFL), which operates online insurance marketplace Policybazaar will raise maximum amount from share sale. Policybazaar will raise around Rs 5,710 crore. SJS Enterprises Ltd to get Rs 800 crore, while Sigachi Industries, manufacturer of cellulose-based excipient, will have an issue size of Rs 125.43.  

Earlier, cosmetic e-tailer Nykaa's Rs 5,352-crore IPO closed on November 1, while it is the last date of Fino Payments Bank, a digital-backed lender, which plans to raise Rs 1,200 crore from the issue. The two IPOs will fetch Rs 6,552 crore from share sale.