Policybazaar to raise Rs 6,500 cr through fresh issue via IPO

Mini

Insurance player Policybazaar's parent company PB Fintech is looking to raise up to Rs 6,500 crore via fresh issue of shares in its upcoming IPO, regulatory filings show.

Insurance player Policybazaar's parent company PB Fintech is looking to raise up to Rs 6,500 crore via fresh issue of shares in its upcoming IPO, regulatory filings show.
The company received approval for the IPO at its extraordinary general meeting held on July 5. The company will also have an option to retain oversubscription of up to 1% of the net offer. The offer could also include an offer for sale, and the company said there could also be a pre-IPO private placement.
Separate filings also show that PB Fintech was converted into the public limited company through a special resolution in June as a precursor to the IPO.
Entrackr was the first to report on the filings on July 20.
Policybazaar is expected to file its draft red herring prospectus (DRHP) with the regulator very soon.
The company recently received a broking license and has officially become an insurance broker. Policybazaar also announced its offline expansion as a broker and has set up 15 stores, with plans to expand to 100 locations. The brick-and-mortar stores will serve as experience centres for customers, the company had said.
The company also announced a new Group Health Insurance program for SMEs, MSMEs and Large corporates.
Founded in 2008, the company operated as an insurance aggregator, until recently when it also became an insurance broker. The company counts SoftBank, Info Edge, Temasek, Tencent, Tiger Global as investors.