PolicyBazaar’s parent to open its ₹5,700 crore IPO on November 1

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PolicyBazaar’s parent to open its ₹5,700 crore IPO on November 1
BCCL
  • PB Fintech, parent company of PolicyBazaar, has announced to open its IPO on November 1 and close on November 3.
  • The internet company has set a price band of ₹940-₹980 per share.
  • Shares of the company are scheduled to list on November 15.
PB Fintech, the parent company of online fintech marketplaces PolicyBazaar and PaisaBazaar, has announced its plan to open the initial public offering (IPO) next week.

The IPO of the internet company will open on November 1 and close on November 3 with a price band of ₹940-₹980 per share.

The issue size of the IPO is ₹5,709 crore consisting of a fresh issue of ₹3,759 crore and an offer for sale of ₹1,959 crore by its existing shareholders.

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Promoters selling share in the IPO include SVF Python II (Cayman) selling shares worth ₹1,875 crore, Yashish Dahiya -- the chief executive of PolicyBazaar -- worth ₹30 crore, Alok Bansal worth ₹12.75 crore, Shikha Dahiya worth ₹12.50 crore and Rajendra Singh Kuhar worth ₹3.50 crore.

In addition, Founders United Trust will sell around 2.68 lakh shares, which aggregates to over ₹26 crore on the upper price band.

PB Fintech has built two of the largest platforms for insurance and lending products through PolicyBazaar and PaisaBazaar.

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India’s largest online insurance aggregator, PolicyBazaar, was launched in 2008. It is one of the biggest beneficiaries of the boom in India’s insurance sector as a market leader in selling insurance online.

PolicyBazaar is one among a slew of tech IPOs to hit the Indian exchanges this year. It is also one of the country’s top fintech startups ⁠— the other one being Paytm ⁠— going for a public issue soon. 95% of PolicyBazaar’s revenue comes from commissions from insurance companies on selling policies.

SEE ALSO: Fino Payments Bank will be the first fintech startup in India to get listed on the bourses and it is profitable

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