New Delhi: PolicyBazaar’s parent firm PB Fintech Ltd, which also runs credit comparison portal Paisabazaar, has received the Securities and Exchange Board of India’s (SEBI) approval to raise Rs 6,017.50 crore via its initial public offering (IPO).
The IPO will comprise a fresh issue of equity shares worth Rs 3,750 crore. Existing shareholders will sell their shares worth Rs 2,267.50 crore through the upcoming IPO, according to the draft red herring prospectus (DRHP).
In the offer for sale (OFS), SVF Python II (Cayman) will sell shares worth Rs 1,875 crore. On the other hand, Yashish Dahiya will sell shares worth Rs 250 crore while other shareholders will also offer their shares in the PolicyBazaar IPO.
PB Fintech, which filed draft papers with Sebi in August, has obtained the regulator’s clearance to float the IPO, the company confirmed on Tuesday.
As per the draft papers, the firm may consider raising around Rs 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.
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. Also Read: Bitcoin Price Today: Bitcoin jumps to near-record high, check Ethereum, Dogecoin prices
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. Also Read: OMG! Rs 10 crore upon selling an old Re 1 coin, are you in possession of one?
– With PTI inputs.