Insta
Policybazaar Submits Red Herring Prospectus To SEBI; Set To Raise Rs 6017 Crore Via Upcoming IPO
Policybazaar
Online insurance aggregator Policybazaar has submitted its draft red herring prospectus (DRHP) with the Securities and Exchange Board of India (SEBI) as it is set to raise about Rs 6017 crore through its upcoming initial public offering (IPO).
The company is targeting achieving a valuation of total $5.5 billion-$6 billion through its IPO. It claims that the fresh issue component of about Rs 3700 crore will be put into use for the aggregator’s expansion plans and as growth capital too.
“The DRHP has been filed with the regulator. The fresh issue component is around Rs 3,700 crores which will be utilised for expansion plans and as growth capital. The balance is the OFS or offer for sale component,” a source in the know of developments confirmed to Moneycontrol.
Softbank, which is one of the marquee investors in Policybazaar, will be holding the OFS portion in this case.
IIFL Securities, HDFC and Jefferies are a part of the consortium of i-bankers working on this particular deal.
Policybazaar is backed by major investors such as Tiger Global, Premji Invest, Temasek, Softbank and Info Edge amongst others. Its IPO plans come at the back of a sharp surge in the demands of online life and health insurance products in the wake of the Covid-19 pandemic.
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