SoftBank Group-backed online insurance aggregator Policybazaar has filed for an initial public offering of up to 60.18 billion rupees (US$809.36 million), joining a string of Indian start-ups that have tapped capital markets in recent months, Reuters reports.
Indian food-delivery firm Zomato had a stellar public debut last month, while fintech firm Paytm has filed for a listing as markets hover at record highs and cash-laden investors hunt for firms likely to benefit in the post-pandemic world.
PB Fintech Ltd, Policybazaar's parent, will issue new shares worth 37.5 billion rupees and existing investors will offload shares worth 22.68 billion rupees in the offering, a draft prospectus showed https://www.investmentbank.kotak.com/downloads/pb-fintech-limited-DRHP.pdf on Monday.
SoftBank unit SVF Python II (Cayman) Ltd is selling 18.75 billion rupees of shares.
Launched in 2008, Policybazaar is an online platform for customers and insurer partners to buy and sell products.
The company said it would use the proceeds of the IPO to build its brand, develop an offline presence, and make investments and acquisitions.
Policybazaar is also targeting a pre-IPO issue of shares worth 7.5 billion rupees, and will cut the size of the offering's fresh issue component if the placement is completed.
