SoftBank Group-backed on-line insurance coverage aggregator Policybazaar has filed for an preliminary public providing of as much as Rs 6,018 crore ($809.36 million), becoming a member of a string of Indian startups which have tapped capital markets in current months.
Indian food-delivery agency Zomato had a stellar public debut final month, whereas fintech agency Paytm has filed for a list as markets hover at file highs and cash-laden buyers hunt for companies more likely to profit within the post-pandemic world.
PB Fintech Ltd, Policybazaar’s mother or father, will situation new shares price Rs 3,750 crore and present buyers will offload shares price Rs 2,268 crore within the providing, a draft prospectus confirmed on Monday.
SoftBank unit SVF Python II (Cayman) Ltd is promoting Rs 1,875 crore of shares.
Launched in 2008, Policybazaar is an internet platform for purchasers and insurer companions to purchase and promote merchandise.
The corporate mentioned it might use the proceeds of the IPO to construct its model, develop an offline presence, and make investments and acquisitions.
Policybazaar can also be concentrating on a pre-IPO situation of shares price Rs 750 crore, and can reduce the scale of the providing’s contemporary situation part if the location is accomplished.
Kotak Mahindra Capital, Morgan Stanley, Citigroup International Markets India, ICICI Securities, HDFC Financial institution, IIFL Securities and Jefferies India are the ebook working lead managers for the IPO.
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