DelicateBank-backed insurance coverage aggregator Policybazaar information for $810 million IPO

DelicateBank Group-backed on-line insurance coverage aggregator Policybazaar has filed for an preliminary public providing of as much as 60.18 billion rupees ($809.36 million), becoming a member of a string of Indian startups which have tapped capital markets in current months.
Indian food-delivery agency Zomato had a stellar public debut final month, whereas fintech agency Paytm has filed for an inventory as markets hover at report highs and cash-laden traders hunt for corporations more likely to profit within the post-pandemic world.
PB Fintech Ltd, Policybazaar’s mother or father, will concern new shares value 37.5 billion rupees and present traders will offload shares value 22.68 billion rupees within the providing, a draft prospectus confirmed https://www.investmentbank.kotak.com/downloads/pb-fintech-limited-DRHP.pdf on Monday.
DelicateBank unit SVF Python II (Cayman) Ltd is promoting 18.75 billion rupees of shares.
Launched in 2008, Policybazaar is an internet platform for purchasers and insurer companions to purchase and promote merchandise.
The firm stated it could use the proceeds of the IPO to construct its model, develop an offline presence, and make investments and acquisitions.
Policybazaar can be concentrating on a pre-IPO concern of shares value 7.5 billion rupees, and can reduce the scale of the providing’s contemporary concern element if the position is accomplished.
Kotak Mahindra Capital, Morgan Stanley, Citigroup Global Markets India, ICICI Securities, HDFC Bank, IIFL Securities and Jefferies India are the ebook operating lead managers for the IPO.
($1 = 74.3550 Indian rupees)