STOCK MARKET BSE NSE

Policybazaar files Rs 6,017.5 crore IPO papers with Sebi 

The firm may consider raising around Rs 750 crore by way of a private placement of equity shares ahead of the IPO.

Published: 02nd August 2021 12:57 PM  |   Last Updated: 03rd August 2021 08:50 AM   |  A+A-

Policybazaar

Policybazaar Logo for representation.

Express News Service

BENGALURU: Pb Fintech, the parent firm of PolicyBazaar, on Monday filed a Draft Red Herring Prospectus (DRHP) with Securities Exchange Board of India (SEBI) to raise Rs 6,017 crore, at a valuation of $5-6 billion. The Initial Public Offering (IPO) will consist of a fresh issue of equity shares worth Rs 3,750 crore whereas Rs 2,267 crore will be raised via an Offer for Sale (OFS), through which the majority stakeholder, Softbank, is expected to reduce its stake by half. 

Besides Softbank, which is looking to sell shares worth Rs 1,875 crore ($250 million), the other shareholders participating in the OFS include Policy Bazaar CEO Yashish Dahiya who will sell shares worth Rs 392.5 crore.PolicyBazaar is also looking to raise Rs 750 crore as a part of its pre-IPO placement in consultation with its book running lead managers (BRLM), the company said in its prospectus. 

It added that if the company succeeds in raising the pre-IPO funding, it may reduce the fresh issue size of equity shares during its public listing. The eight-year-old startup said that the country’s insurance regulator, IRDAI has  carried out inspection of its account books and records and sought responses from the company for compliance with the regulations, although, the matter, according to its filing, will not have a significant impact on the continuing operations.

The insurance aggregator recently acquired a license to enter into direct broking business as well as start physical centres for selling insurance, helping in customer assistance etc. The company said in the DRHP that the Covid-19 pandemic has particularly impacted its travel insurance vertical by negatively influencing its individual consumers as well as insurer partners.



Comments

Disclaimer : We respect your thoughts and views! But we need to be judicious while moderating your comments. All the comments will be moderated by the newindianexpress.com editorial. Abstain from posting comments that are obscene, defamatory or inflammatory, and do not indulge in personal attacks. Try to avoid outside hyperlinks inside the comment. Help us delete comments that do not follow these guidelines.

The views expressed in comments published on newindianexpress.com are those of the comment writers alone. They do not represent the views or opinions of newindianexpress.com or its staff, nor do they represent the views or opinions of The New Indian Express Group, or any entity of, or affiliated with, The New Indian Express Group. newindianexpress.com reserves the right to take any or all comments down at any time.

flipboard facebook twitter whatsapp