Policybazaar files DRHP with Sebi
NEW DELHI: PB Fintech, which operates online insurance platform Policybazaar and credit comparison portal Paisabazaar, has filed preliminary papers with market regulator Sebi to raise ₹6,017.50 crore through an initial public offer (IPO).
The IPO comprises a fresh issue of ₹3,750 crore worth of equity shares and an offer for sale (OFS) of ₹2,267.50 crore by existing shareholders, according to draft red herring prospectus (DRHP).
As part of the OFS, SVF Python II (Cayman) will sell shares worth ₹1,875 crore, CEO Yashish Dahiya will shares worth ₹250 crore and some other selling shareholders will also offer shares. The firm may consider raising around ₹750 crore by way of a private placement of equity shares ahead of the IPO.
Proceeds of the fresh issue will be used towards enhancing visibility and awareness of the company’s brands to look for new opportunities to expand growth initiatives to increase the consumer base including offline presence. Also, the proceeds from the IPO will be used for funding strategic investments and acquisitions, expanding presence outside India and general corporate purpose.
Kotak Mahindra Capital Company, Morgan Stanley India Company, Citigroup Global Markets India, ICICI Securities, HDFC
Bank Ltd, IIFL Securities and Jefferies India are the book running lead managers to the issue.
PB Fintech is the leading online platform for insurance and lending products, leveraging the power of technology, data and innovation. It provides convenient access to insurance, credit and other financial products and aim to create awareness amongst Indian households about the financial impact of death, disease and damage.
Policybazaar is housed under Etech Aces Marketing & Consulting, which also houses lending marketplace Paisabazaar. Other than heavyweights Softbank, Temasek, Info Edge, Premji Invest and Tiger Global, the firm’s long list of investors also includes True North, Steadview Capital, Ribbit Capital, Inventus, Chiratae Ventures & Wellington Management.