Tuesday, October 19, 2021

Policybazaar received Sebi's approval to raise ₹6,017.50 crore through IPO

 


Policybazaar IPO gets SEBI nod to raise over 6,017 cr



PB Fintech Ltd, which operates online insurance platform Policybazaar and credit comparison portal Paisabazaar, has received capital markets regulator Sebi's approval to raise 6,017.50 crore through an initial public offer (IPO).


The company had filed its draft prospectus with Sebi on 2 August. According to the draft papers, the company may consider raising around 750 crore via private placement of equity shares.

The IPO comprises a fresh issue of 3,750 crore worth of equity shares and an offer for sale of 2,267.50 crore by existing shareholders.


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.

Policy Bazaar claims to be India’s largest online platform for insurance and lending products, leveraging the power of technology, data and innovation. They provide 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.


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