NS Securities and Exchange Board of India (SEBI) has approved the initial public issue of (IPO) Plans from PB Fintech, parent company of the online marketplace Policybazaar India And Paisabazaar, said three people with direct knowledge of evolution. “It is looking at a valuation of around $6-7 billion for the listing,” said a source. another source said PB Fintech Can see the list around Diwali. The company declined to comment because it has not heard. Self.

the company had
Filed its Draft Red Herring Prospectus (DRHP) with SEBI On August 2, it sought to raise Rs 6,017 crore ($809 million) through an IPO. In its prospectus, the Gurgaon-based company said it will raise Rs 3,750 crore ($504 million) by issuing new shares and the remaining Rs 2,267 crore ($305 million) through an offer for sale (OFS), in which existing investors can sell their shares. There are bets on the exchanges.

softbank Vision fund Python, which holds 9.75% stake in the firm, is expected to cash in shares worth around Rs 1,875 crore ($250 million) through OFS, ET was reported.

Policybazaar’s founders – including chief executive officer Yashish Dahiya – are expected to sell shares worth a combined Rs 392.50 crore ($52 million). China’s Tencent, which owns more than 9% of PB Fintech, is not listed as an investor willing to reduce its stake during the OFS. Dahiya founded PolicyBazaar in June 2008 along with Alok Bansal and Avnish Nirjar.

PB Fintech is listed as a “foreign owned and controlled” entity. To ease the compliance process, it seeks to be listed as a professionally managed company that does not have an identifiable promoter. Dahiya is listed as chairman and executive director. He currently holds 4.27% stake in the company.

According to its draft filing, the company plans to use the proceeds from the IPO to increase visibility and awareness of its brands and expand its user base. Policybazaar and its partners will also look to make strategic investments and acquisitions to expand their presence outside India.

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.

Besides Japan’s SoftBank, which owns about 15.76% in the fintech company through two separate funds, major investors include Info Edge, which owns about 14.56%, Claymore Investments, which owns 6.26%, investment firm Tiger Global, Includes Falcon Edge and Alpha Wave.

in April,
Policybazaar raised $75 million in a round led by US-based Falcon Edge Capital To expand its services in UAE and West Asia. This
Became a unicorn after leading SoftBank’s investment It raised over $200 million in 2018.

As of March, PolicyBazaar had 48 million registered users, who had purchased over 1.9 crore policies from its insurer partners. It claims to have a 93% share of India’s online insurance aggregator market, saying it is responsible for over 65% of insurance policies sold online.