Policybazaar IPO to open on November 1 - Check details here

Policybazaar launch date has been announced. The three-day Initial Public Offering (IPO) of online insurance platform will open for subscription on November 1, 2021, and conclude on November 3, 2021, said Zee Business Tv report.  

The 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 Policybazaar IPO draft red herring prospectus (DRHP).

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Earlier, PB Fintech Ltd, which operates online insurance platform Policybazaar and credit comparison portal Paisabazaar, had received Sebi’s nod to raise Rs 6,017.50 crore through an initial share-sale.

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 news agency PTI on October 19.  

The firm plans to 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.

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.

Meanwhile, ahead of the Policybazaar initial public offfer, Nykaa IPO will also hit the market. The IPO will open for public subscription on October 28.