PB Fintech Ltd, the parent of Indian online insurance platform PolicyBazaar, has filed preliminary papers with market regulator Securities and Exchange Board of India (SEBI) for a mega Rs 6,017.5-crore initial public offering (IPO).
The IPO comprises fresh issue of shares worth Rs 3,750 crore and an offer for sale (OFS) of shares worth Rs 2,267.5 crore, as per the draft red herring prospectus (DHRP). The company may consider a private placement of Rs 750 crore.
The proceeds will be utilised for expansion plans and as growth capital.
PB Fintech, backed by marquee investors such as Info Edge, Premji Invest, Softbank, Tiger Global and Temasek, is aiming for a valuation between $5.5 billion to $6 billion.
Besides these, PolicyBazaar is also backed by Ribbit Capital, True North, Inventus, True North, and Chiratae Ventures & Wellington Management, among others.
PolicyBazaar has picked Kotak Mahindra Capital, Morgan Stanley, ICICI Securities and Citi as advisors for the listing.