Policybazaar's parent firm PB Fintech gets Sebi's nod to raise over Rs 6,017 cr via IPO
The initial public offer (IPO) comprises a fresh issue of Rs 3,750 crore worth of equity shares and an offer for sale of Rs 2,267.50 crore by existing shareholders, according to draft red herring prospectus (DRHP)
PB Fintech Ltd, which operates online insurance platform Policybazaar and credit comparison portal Paisabazaar, has received capital markets regulator Sebi's approval to raise Rs 6,017.50 crore through an initial share-sale.
The initial public offer (IPO) comprises a fresh issue of Rs 3,750 crore worth of equity shares and an offer for sale of Rs 2,267.50 crore by existing shareholders, according to draft red herring prospectus (DRHP).
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PB Fintech, which filed draft papers with Sebi in August, has obtained the regulator's clearance to float the IPO, the company confirmed to PTI on Tuesday.
As per the draft papers, the firm may consider raising around Rs 750 crore by way of a private placement of equity shares ahead of the IPO.
Proceeds of the fresh issue will be used towards enhancing visibility and awareness of the company's brands, to look for new opportunities to expand growth initiatives to increase the consumer base including offline presence.
Also, the proceeds from the IPO will be used for funding strategic investments and acquisitions, expanding presence outside India and general corporate purpose.
PB Fintech is the leading online platform for insurance and lending products, leveraging the power of technology, data and innovation.
It provides convenient access to insurance, credit and other financial products and aim to create awareness amongst Indian households about the financial impact of death, disease and damage.
Kotak Mahindra Capital Company,Morgan Stanley India Company, Citigroup Global Markets India, ICICI Securities, HDFC Bank Ltd, IIFL Securities and Jefferies India are the book running lead managers to the issue.
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