PolicyBazaar Files DRHP to Raise Rs 6017.50 Crore Via IPO

The online insurance platform PolicyBazaar has filed a Draft Red Herring Prospectus (DRHP) with the Securities Exchange Board of India (SEBI) to raise Rs 6,017.50 crore via an initial public offering (IPO). The IPO comprises Rs 3 750 crore worth of equity shares and an offer for sale of Rs 2,267.50 crore by existing shareholders and promoters.

The OFS will see a sales of up to Rs 1,875 crore worth of shares by SVF Python II (Cayman) and up to Rs 392.50 crore by others. Policybazaar is backed by marquee investors such as Softbank, Temasek, Info Edge, among others.

The firm said it is in consultation with its book-running lead managers for raising around Rs750 crore by way of a private placement of equity shares ahead of the IPO. PB Fintech also holds Paisabazaar.com, which is an online credit comparison portal.

Kotak Mahindra Capital, Morgan Stanley, Citigroup Global Markets India, ICICI Securities, HDFC Bank Ltd, IIFL Securities, and Jefferies India are the book running lead managers. A news report had earlier said that proceeds from the issue would be used for expansion plans and as growth capital, adding that PolicyBazaar was seeking a valuation of $5.5-6 billion.

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