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Policybazaar IPO July 22 2021Policybazaar IPO, PB Fintech, Latest IPO, SEBI

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Policybazaar IPO

SoftBank-backed Policybazaar's parent firm, PB Fintech, is planning an IPO to raise up to Rs 6,500 crore ($870 million) (IPO). This is the 7th startup in India to do so this year.

The online insurance aggregator is seeking a valuation of up to $5 billion, up from $2.4 billion in its previous investment round, according to reports.

The Policybazaar IPO is planned to include both new shares and an offer for sale, allowing existing investors to sell their holdings. This is similar to Paytm's proposed public offering, which is expected to take place later this year.

According to people familiar with the situation, PB Fintech is expected to file a DRHP with the Securities and Exchange Board of India (Sebi) soon, with a December listing in mind. According to the company, similar to Paytm and Zomato, it may organise a pre-IPO financing round.

According to a source familiar with the situation, the firm has hired three to four investment bankers to manage the compliance process and is aiming for a valuation of $4-5 billion. “The management is planning an initial public offering (IPO) before December 2021. They're also getting towards the end of the paperwork needed to file the DRHP with SEBI.

As part of its transition from a private to a public organization, the parent has passed a special resolution renaming itself PB Fintech Ltd. The business has amended its Articles of Association to smoothen its public listing in compliance with the Companies, in a separate filing.

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Offline Expansion

The corporation will have the opportunity of oversubscription up to 1% of the net offer. The records revealed that the offer might comprise an offer for sale as well as a pre-IPO private placement, according to the documents. At an extraordinary general meeting on July 5, the Gurgaon-based company's board of directors authorized plans for an IPO.

The business, which works as a web aggregator for obtaining retail insurance, lost Rs 218 crore in FY20, compared to Rs 213 crore the previous year. The figures for FY21 are yet to be released.

The Indian Insurance Regulatory and Development Authority granted the company an insurance broking licence in June. Policybazaar will be able to build a physical network while also significantly expanding its product and service offerings, like as claims support and a point-of-sale network.

In July, the business launched its offline growth as a broker, opening 15 stores with hopes to expand to 100 locations. Customers will be able to use the brick-and-mortar stores as experience centre’s, according to the business. Earlier this month, the company unveiled a new group health insurance package for SMEs, MSMEs, and large corporations.

The trio of Yashish Dahiya, Alok Bansal, and Avaneesh Nirjar together founded Policybazaar in June 2008. Japan’s SoftBank, Private equity corporation True North, Premji Invest, Tiger Global Management, and Temasek are among some of the investors.

In an IPO earlier this month, Zomato raised Rs 9,375 crore. Paytm has filed a DRHP for an IPO in November to raise Rs 16,600 crore.

Policybazaar is one of India's largest insurance platforms., a b2b business, and are two of the group's subsidiaries. In the United Arab Emirates, the company operates loan and insurance markets.

Policybazaar raised $75 million in its most recent investment round, sponsored by Falcon Edge Capital of the United States, for a valuation of $2.4 billion. The funds will be used to extend the company's services in the UAE and West Asia, according to the company.

In the midst of last year's Sino-Indian border tensions, Dahiya, the CEO of Policybazaar had offered to purchase back Tencent's 10% stake in the corporation's holding company at the time Policybazaar has to provide information on the OFS or the pre-IPO placement, as well as the investors who will dilute the firm's interests.

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