The initial public offering (IPO) of PB Fintech, the parent company of PolicyBazaar, will open on November 1 and close on November 3, according to an exchange notification on Bombay Stock Exchange on Tuesday.
The date for post-issue modification is November 8. The Rs 5,700 crore offer is expected to consist of 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 shares.
ICICI Bank is the sponsor bank while Link Intime is the registrar, according to the stock exchange disclosure. The issue size is 6,07,30,265 shares, with a face value of Rs 2 each.
PB Fintech, which is also the parent entity of Paisabazaar, had 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 an IPO.
The Gurugram-based firm is one of many Indian startups, including Zomato, Paytm, Mobikwik, Nykaa and CarTrade, that have or are set to debut on Indian stock exchanges this year. Nykaa’s IPO opens on Thursday.
Yashish Dahiya, Alok Bansal, and Avaneesh Nirjar founded PolicyBazaar in June 2008. It is backed by investors such as SoftBank (15.76%), Info Edge (14.56%), Tencent (9.16%), Claymore Investment (6.26%), Tiger Global, Falcon Edge, Alpha Wave and others. The firm is listed as an entity that is "foreign owned and controlled”.
Founders including chief executive Yashish Dahiya will together sell shares worth Rs 392.50 crore ($52 million). China's Tencent, which has over 9% stake in PB Fintech, has not been listed as an investor that will offload shares during the OFS. The IPO will see SoftBank Vision Fund Python, which has 9.75% stake, cash in shares worth around Rs 1,875 crore ($250 million).
ET had reported earlier, citing sources, that the 13-year-old startup could seek a valuation of $5-6 billion for the public offer.
According to its draft IPO prospectus, PB Fintech’s loss for FY21 narrowed to Rs 150 crore from Rs 304 crore in FY20 and Rs 346 crore in FY19.
PolicyBazaar has largely functioned as an online insurance marketplace. The startup acquired an insurance broking licence from the Insurance Regulatory and Development Authority of India in June. This will allow it to set up a physical network while also expanding product and service offerings significantly, including claims assistance and a point-of-sale network.
The date for post-issue modification is November 8. The Rs 5,700 crore offer is expected to consist of 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 shares.
The price band for the issue has been set between Rs 940 and Rs 980 a share. Investment banks such as 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.
ICICI Bank is the sponsor bank while Link Intime is the registrar, according to the stock exchange disclosure. The issue size is 6,07,30,265 shares, with a face value of Rs 2 each.
PB Fintech, which is also the parent entity of Paisabazaar, had 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 an IPO.
The Gurugram-based firm is one of many Indian startups, including Zomato, Paytm, Mobikwik, Nykaa and CarTrade, that have or are set to debut on Indian stock exchanges this year. Nykaa’s IPO opens on Thursday.
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Yashish Dahiya, Alok Bansal, and Avaneesh Nirjar founded PolicyBazaar in June 2008. It is backed by investors such as SoftBank (15.76%), Info Edge (14.56%), Tencent (9.16%), Claymore Investment (6.26%), Tiger Global, Falcon Edge, Alpha Wave and others. The firm is listed as an entity that is "foreign owned and controlled”.
Founders including chief executive Yashish Dahiya will together sell shares worth Rs 392.50 crore ($52 million). China's Tencent, which has over 9% stake in PB Fintech, has not been listed as an investor that will offload shares during the OFS. The IPO will see SoftBank Vision Fund Python, which has 9.75% stake, cash in shares worth around Rs 1,875 crore ($250 million).
ET had reported earlier, citing sources, that the 13-year-old startup could seek a valuation of $5-6 billion for the public offer.
According to its draft IPO prospectus, PB Fintech’s loss for FY21 narrowed to Rs 150 crore from Rs 304 crore in FY20 and Rs 346 crore in FY19.
PolicyBazaar has largely functioned as an online insurance marketplace. The startup acquired an insurance broking licence from the Insurance Regulatory and Development Authority of India in June. This will allow it to set up a physical network while also expanding product and service offerings significantly, including claims assistance and a point-of-sale network.
( Originally published on Oct 26, 2021 )
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