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IPO Update: Policybazaar's Parent Firm PB Fintech Gets Sebi's Approval For Raising Over Rs 6,017 Crore

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

IPO Update: Policybazaar's Parent Firm PB Fintech Gets Sebi's Approval For Raising Over Rs 6,017 Crore
IPO Update: Policybazaar's Parent Firm PB Fintech Gets Sebi's Approval For Raising Over Rs 6,017 Crore
outlookindia.com
2021-10-19T16:19:27+05:30

PB Fintech Ltd, which operates online insurance platform Policybazaar and credit comparison portal Paisabazaar, has received capital markets regulator Sebi's approval to raise Rs 6,017.50 crore through an initial share-sale.

The initial public offer (IPO) comprises a fresh issue of Rs 3,750 crore worth of equity shares and an offer for sale of Rs 2,267.50 crore by existing shareholders, according to the draft red herring prospectus (DRHP).

As part of the OFS, SVF Python II (Cayman) will sell shares worth Rs 1,875 crore, Yashish Dahiya will sell shares worth Rs 250 crore and some other selling shareholders will also offer shares.

PB Fintech, which filed draft papers with Sebi in August, has obtained the regulator's clearance to float the IPO, the company confirmed to PTI on Tuesday.

As per the draft papers, the firm may consider raising around Rs 750 crore by way of a private placement of equity shares ahead of the IPO.

Proceeds of the fresh issue will be used towards enhancing visibility and awareness of the company's brands, to look for new opportunities to expand growth initiatives to increase the consumer base including offline presence.

Also, the proceeds from the IPO will be used for funding strategic investments and acquisitions, expanding presence outside India and general corporate purpose.

PB Fintech is the leading online platform for insurance and lending products, leveraging the power of technology, data and innovation.

(With PTI Inputs)

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