The post-issue revision date is November 8. The Rs 5,700 crore offer is expected to include a fresh issue of Rs 3,750 crore and an offer for sale (OFS) component of Rs 1,933.50 crore, in which existing shareholders and promoters will sell. share.
The price band of the issue has been fixed in the range of Rs 940 to Rs 980 per share. Investment banks like Kotak Securities, Morgan Stanley, Citigroup Global Markets, ICICI Securities, HDFC Bank, IIFL Securities and Jefferies are set to be the book running lead managers of the issue.
As per stock exchange disclosures, ICICI Bank is the sponsor bank while LINK is the in-time registrar. The issue size is 6,07,30,265 shares, each with a face value of Rs 2.
PB Fintech, which is also the parent unit of Paisabazaar,
Filed a draft red herring prospectus (DRHP) with the Securities and Exchange Bureau of India (SEBI) in August To raise Rs 6,017 crore ($809 million) through IPO.
The Gurugram-based firm is one of several Indian startups, including Zomato, Paytm, MobiKwik, Nykaa and CarTrade, that are or are set to debut on the Indian stock exchanges this year.
Nykaa’s IPO to open on Thursday.
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Policybazaar was founded in June 2008 by Yashish Dahiya, Alok Bansal and Avnish Nirjar. It is backed by investors like SoftBank (15.76%), Info Edge (14.56%), Tencent (9.16%), Claymore Investments (6.26%), Tiger Global. , Falcon Edge, Alpha Wave and others. The firm is listed as an entity that is “foreign owned and controlled”.
The founders, together with chief executive officer Yashish Dahiya, will sell shares worth Rs 392.50 crore ($52 million). China’s Tencent, which has a more than 9% stake in PB Fintech, is not listed as an investor that will sell shares during the OFS. The IPO will see SoftBank Vision Fund Python, which holds a 9.75% stake, cash in shares worth about Rs 1,875 crore ($250 million).
ET had earlier reported, quoting sources, that the 13-year-old startup could do this.
Want a valuation of $5-6 billion for public offer.
According to its draft IPO prospectus, PB Fintech’s losses in FY2011 declined to Rs 150 crore from Rs 304 crore in FY10 and Rs 346 crore in FY19.
Policybazaar has largely functioned as an online insurance marketplace. The startup secured an insurance broking license from the Insurance Regulatory and Development Authority of India in June. This will allow a physical network to be established while significantly expanding product and service offerings, including claims support and a point-of-sale network.