Policybazaar IPO to open on November 1; check out full details

Online insurance aggregator Policybazaar will launch its initial public offering (IPO) for subscription on November 1, PB Fintech, the operator of Policybazaar, said today.

The price band of the IPO has been set as Rs 940-980 per share and the issue size is 6,07,30,265 shares, with a face value of Rs 2 each.

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The IPO will close on November 3 and the date for finalisation, based on the allotment, is November 10, the company said. The dates for initiation of refunds and credit of shares is November 11 and 12, respectively.

PB Fintech, through the public issue, aims to raise nearly Rs 5,700 crore. The IPO would comprise a fresh issue of Rs 3,750 crore, along with an offer for sale (OFS) of Rs 1,960 crore by existing promoters and shareholders.

The OFS would be driven by investor SVF Python II (Cayman), which would be selling shares worth Rs 1,875 crore. As of now, Cayman holds a 9.45 per cent stake in the firm.

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As of March 2021, more than 4.8 crore users have registered on the Policybazaar platform and had purchased around 2 crore policies. In FY21, the annual number of visits on the Policybazaar website was 12.65 crore.
The company also claims to have India's largest online platform for insurance and lending products. Like Paytm and Mobikwik, Policybazaar is also a loss-making start-up in the financial services space.

The online insurance marketplace, which is backed by marquee investors such as Info Edge, Premji Invest, Softbank, Tiger Global and Temasek, is targeting a valuation between $5.5 billion to $6 billion.

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