New Delhi, Nov 1 (PTI) The IPO of PB Fintech Limited, which operates online insurance platform Policybazaar and credit comparison portal Paisabazaar, was subscribed 54 per cent on the first day of subscription on Monday.

The issue received bids for 1,85,59,800 shares against 3,45,12,186 shares on offer, as per NSE data.

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The portion for Qualified Institutional Buyers (QIBs) received 56 per cent subscription, while that for non institutional investors 6 per cent and Retail Individual Investors (RIIs) 1.18 times.

Price range for the offer is at Rs 940-980 per share.

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The Rs 5,710-crore IPO comprises a fresh issue of Rs 3,750 crore worth of equity shares and an offer for sale of about Rs 1,960 crore by existing shareholders.

PB Fintech Ltd on Friday said it has garnered a little over Rs 2,569 crore from anchor investors.

Proceeds of the fresh issue will be used towards enhancing visibility and awareness of the company's brands, to look for new opportunities to expand growth initiatives to increase the consumer base including offline presence.

Also, the proceeds from the IPO will be used for funding strategic investments and acquisitions, expanding presence outside India and general corporate purpose.

Citigroup Global Markets India, Kotak Mahindra Capital Company, Morgan Stanley India Company, ICICI Securities, HDFC Bank, IIFL Securities and Jefferies India are the book running lead managers to the offer.

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