PolicyBazaar IPO: Online insurance aggregator aims to raise Rs 6,000 crore through public offer
[ad_1]
PolicyBazaar to raise Rs 6,000 through IPO
PolicyBazaar, PaisaBazaar IPO: PolicyBazaar and PaisaBazaar are planning to debut on Dalal Street, joining a bunch of start-ups that are looking to go public in the coming months.
PolicyBazaar and PaisaBazaar are parts of the same franchise — PB Fintech. However, they deal in entirely different markets.
According to reports, PB Fintech aims to raise up to Rs 6,017.5 crore through its initial public offering (IPO). The company has made this revelation in the preliminary documents filed with capital markets regulator SEBI.
PB Fintech IPO consists of fresh issuance worth Rs 3,750 crore and a Rs 2,267.5 crore offer for sale (OFS) by existing shareholders. This includes SoftBank Vision Fund Python, which has a 9.75 per cent stake. China’s Tencent, which owns over 9 per cent stake, is unlikely to offload its stake.
PolicyBazaar founders including Yashish Dahiya, the Group Chief Executive Officer and co-founder, and group CFO Alok Bansal are likely to sell shares worth Rs 392.50 crore.
The company has said that it may consider a Rs 750 crore pre-IPO placement of stock.
The company said that it will allocate Rs 1,500 crore from the issue to enhance visibility and awareness of its brands. It will also use the issue proceeds for expansion. Besides, it will also use the funds for strategic acquisitions.
With this, the Gurgaon-based firm becomes the fifth startup this year to initiate proceedings to debut on Indian bourses. The four others are — Zomato, Paytm, Mobikwik and CarTrade. PB Fintech, however, has been listed as an entity that is ‘foreign-owned and controlled.
PolicyBazaar was founded in June 2008.
[ad_2]
Source link
