SoftBank-backed Indian insurance startup Policybazaar files for $810 mln IPO
BENGALURU, Aug 2 (Reuters) - SoftBank Neighborhood-backed (9984.T) on-line insurance aggregator Policybazaar has filed for an preliminary public offering of up to 60.18 billion rupees ($809.36 million), becoming a member of a string of Indian startups that be pleased tapped capital markets in present months.
Indian food-birth agency Zomato (ZOMT.NS) had a stellar public debut closing month, whereas fintech agency Paytm has filed for a checklist as markets hover at record highs and cash-weighted down merchants hunt for corporations inclined to succor in the put up-pandemic world. read more
PB Fintech Ltd, Policybazaar's guardian, will arena current shares price 37.5 billion rupees and existing merchants will offload shares price 22.68 billion rupees in the offering, a draft prospectus showed on Monday.
SoftBank unit SVF Python II (Cayman) Ltd is promoting 18.75 billion rupees of shares.
Launched in 2008, Policybazaar is an on-line platform for patrons and insurer companions to accumulate and promote merchandise.
The company acknowledged it would spend the proceeds of the IPO to compose its price, originate an offline presence, and make investments and acquisitions.
Policybazaar will most certainly be concentrated on a pre-IPO arena of shares price 7.5 billion rupees, and will in the nick price of the scale of the offering's contemporary arena speak if the placement is done.
Kotak Mahindra Capital, Morgan Stanley, Citigroup World Markets India, ICICI Securities, HDFC Monetary institution, 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.