SoftBank-backed insurance aggregator Policybazaar recordsdata for $810 million IPO

SoftBank Neighborhood-backed online insurance aggregator Policybazaar has filed for an preliminary public offering of as a lot as 60.18 billion rupees ($809.36 million), becoming a member of a string of Indian startups that accept as true with tapped capital markets in most standard months.

Indian meals-shipping firm Zomato had a stellar public debut final month, while fintech firm Paytm has filed for a listing as markets soar at file highs and money-laden investors hunt for corporations at possibility of revenue in the put up-pandemic world.

PB Fintech Ltd, Policybazaar’s dad or mum, will be anxious recent shares price 37.5 billion rupees and new investors will offload shares price 22.68 billion rupees in the offering, a draft prospectus confirmed https://www.investmentbank.kotak.com/downloads/pb-fintech-restricted-DRHP.pdf on Monday.

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

Launched in 2008, Policybazaar is an online platform for purchasers and insurer companions to pick and sell products.

The firm acknowledged it might perhaps in point of fact probably perhaps use the proceeds of the IPO to get its trace, get an offline presence, and impact investments and acquisitions.

Policybazaar is additionally focusing on a pre-IPO be anxious of shares price 7.5 billion rupees, and ought to silent decrease the scale of the offering’s novel be anxious ingredient if the placement is carried out.

Kotak Mahindra Capital, Morgan Stanley, Citigroup Global Markets India, ICICI Securities, HDFC Financial institution, IIFL Securities and Jefferies India are the book running lead managers for the IPO.

($1 = 74.3550 Indian rupees)

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