about $6.15 billionSenior company officials told ET.
PB Fintech cofounder and chairman Yashish Dahiya said during a press conference ahead of the IPO launch that the listing will not change the company’s operating style, and growth, efficiencies and experimentation will go hand in hand.
“Even in our interactions with potential anchor investors, we have conveyed that we will continue to grow the business and we have received tremendous support from them,” Dahiya said.
“Even after listing our DNA will not change. We will continue to invest small amounts in experiments and only pursue those where we find success,” he said.
IPO
will open on 1st November and will close on 3rd November. This includes a fresh issue of equity shares worth Rs 3,750 crore and an offer for sale (OFS) of over Rs 1,900 crore – primarily by SoftBank. The company has fixed a price band of Rs 940-980 per share for the IPO.
On 2 August the company
Filed a draft of the Red Herring Prospectus (DRHP) To raise Rs 6,017 crore ($809 million) through an IPO with market regulator SEBI.
When asked why the company chose a public listing over private fundraising, given the liquidity and higher valuations in the private round, Dahiya said, “For a 13-year-old company like ours, an IPO indicates maturity and we have Thought about a public listing. Creates a window of opportunity not only for investors, but also for employees holding stock options.
“Also, this is the best time to list Indian companies,” he said.
Policybazaar founders – Dahiya and other key management – are expected to sell shares worth a total of Rs 585 crore. China’s Tencent, which owns more than 9% of PB Fintech, is not listed as an investor willing to sell a stake during the OFS.
Besides Japan’s SoftBank, which owns approximately 15.76% of the fintech company through two separate funds, major investors include Info Edge, Tiger Global, Falcon Edge and Alpha Wave.
with dahiya Alok Bansal And Avneesh Nirjari, established PolicyBazaar in June 2008.
To ease the compliance process, PB Fintech seeks to be listed as a professionally managed company, which does not have an identifiable promoter. Dahiya is listed as chairman and executive director, and currently holds a 4.27% stake in the company.
In April, Policybazaar
raised $75 million In funding led by US-based Falcon Edge Capital to expand its services to the United Arab Emirates and West Asia. It became a unicorn after SoftBank’s lead
Over $200 million investment In this in 2018.
Kotak Mahindra Capital, Morgan Stanley, Citigroup Global Markets India, ICICI Securities, HDFC Bank Ltd, IIFL Securities and Jefferies India are the book running lead managers to the issue.
As of March 31, PolicyBazaar has 4.8 crore registered users, with total purchases of over 1.9 crore policies from insurance partners. It also claims a 93% market share in India’s online insurance aggregation business. It said its platform accounts for over 65% of insurance policies sold online in India.