SoftBank-backed Indian insurance coverage startup Policybazaar files for $810 million IPO

BENGALURU (Reuters) -SoftBank Neighborhood-backed online insurance coverage aggregator Policybazaar has filed for an initial public providing of as a lot as 60.18 billion rupees ($809.36 million), joining a string of Indian startups which be pleased tapped capital markets in present months.

Indian meals-provide firm Zomato had a stellar public debut most keen month, whereas fintech firm Paytm has filed for a itemizing as markets hover at characterize highs and cash-laden merchants hunt for companies prone to support within the publish-pandemic world.

PB Fintech Ltd, Policybazaar's guardian, will notify fresh shares price 37.5 billion rupees and present merchants will offload shares price 22.68 billion rupees within the providing, a draft prospectus showed here on Monday.

SoftBank unit SVF Python II (Cayman) Ltd is promoting 18.75 billion rupees of shares.

Launched in 2008, Policybazaar is a web platform for possibilities and insurer companions to determine on and sell merchandise.

The firm talked about it would employ the proceeds of the IPO to make its brand, make an offline presence, and make investments and acquisitions.

Policybazaar is also focusing on a pre-IPO notify of shares price 7.5 billion rupees, and might well maybe prick the dimension of the providing’s fresh notify component if the gap is done.

Kotak Mahindra Capital, Morgan Stanley, Citigroup World Markets India, ICICI Securities, HDFC Bank, IIFL Securities and Jefferies India are the e book working lead managers for the IPO.

($1 = 74.3550 Indian rupees)

Reporting by Chris Thomas in Bengaluru; Editing by Ramakrishnan M.

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