The SoftBank-backed startup saw nearly 40 times higher bids for the anchor slot of its initial public offering (IPO), which was also attended by investors such as Fidelity, Bailey Gifford, Dragoneer Group, BlackRock and others.
Steadview Capital, Tiger Global and Falcon Edge, existing investors in PB Fintech – the parent firm of PolicyBazaar – have also further doubled down on the company through anchor investments.
“Investment from insurance companies, who know the company well, is a recognition. The total bids in the anchor investment slot were 40 times higher,” said a person aware of the matter.
of policybazaar
IPO will open on 1st November and close on 3rd November.
The IPO consists of a fresh issue of Rs 3,750 crore and an offer for sale (OFS) of over Rs 1,900 crore, largely done by SoftBank.
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It has fixed a price band of Rs 940 to Rs 980 per share for the IPO. The firm is looking to list at a valuation of $6.15 billion.
PB Fintech will continue to pursue growth In the long term on short term profits, ET reported earlier this week, citing cofounder and chairman Yashish Dahiya.
“Even in Our Conversations with Potential” anchor investor“We have told that we will continue to grow the business and we have received tremendous support from them,” Dahiya told ET.