SEBI approves PolicyBazaar Rs. 6017 Cr IPO
The Securities and Exchange Board of India recently greenlit PB Fintech’s (PolicyBazaar and PaisaBazaar) IPO of Rs. 6017 crore IPO. The fintech company is looking at a valuation of up to $7 billion from an expected $6 billion. The company is likely to hit public markets prior to Diwali.
The company filed its draft red herring prospectus (DRHP) in August 2021 and is looking to start the process of raising Rs. 6017 through public listings. The IPO will involve the fresh issuance of Rs. 3750 crore worth of equity shares and an offer for sale (OFS) of Rs. 2267.5 crore worth of existing shares from promoters and shareholders.
Rs. 1875 crore worth of shares will be sold by SoftBank and other investors and promoters, like co-founder and CEO Yashish Dahiya, will be offering OFS worth Rs. 392.50 crore
Founded in 2008 by Yashish Dahiya, Alok Bansal, and Avaneesh Nirjar, PolicyBazaar collates insurance information from a myriad of providers for use-cases. It includes under its purview life insurance, health insurance, and automobile insurance, among others.
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