PolicyBazaar raises Rs. 2569 Cr in funding ahead of IPO
IPO-bound PolicyBazaar Fintech recently announced that it raised Rs. 2569 crore in a founding round from 151 anchor investors ahead of its IPO. The participants of this round included Fidelity Funds, Abu Dhabi Investment Authority, Goldman Sachs, Aberdeen Global, Nomura, Blackrock, Baillie Gifford, Canada Pension Plan Investment Board, HDFC MF, ICICI Prudential, SBI MF, Axis MF, Aditya Birla Sun Life Trustee, Kotak Mutual Fund, Nippon Life, UTI MF, Franklin MF, DSP MF, Bajaj Allianz Life Insurance, HDFC Life Insurance, SBI Life Insurance, and Max Life Insurance.
PB Fintech is looking to open between November 1 and 3 with shares being priced around Rs. 950. The company is looking to raise Rs. 5,625 crore through its IPO consisting of a fresh issuance of shares worth Rs 3,750 crore, and an offer for sale (OFS) of Rs 1,875 crore by selling shareholders.
PB Fintech aims to use the proceeds of the IPO for enhancing the brand visibility and awareness, expanding its user base, making strategic investments and acquisitions, and expanding the presence globally.
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