Online protection commercial center Policybazaar is planning to raise around Rs 6,500 crore in its first sale of stock (IPO), a couple of media reports said on Wednesday, refering to RoC filings by the startup’s parent organization, PB Fintech.
The Gurgaon, Harayana-based startup’s IPO could stop by November-December, and will esteem Policybazaar at $4 billion to $5 billion, reports said. The valuation is higher than what the startup had recently made arrangements for, the story added.
Policybazaar’s arrangements for an IPO were supported at its exceptional regular gathering (EGM) held recently. The organization likewise passed a goal to rename the organization to PB Fintech.
The IPO may see the organization embrace an optional offer deal, on top of new issue, to give early financial backers an exit or some an ideal opportunity to offload their stakes, news reports said.
Established in 2008 by Yashish Dahiya, Policybazaar’s financial backers incorporate Softbank, Tencent, Azim Premji-possessed PremjiInvest, Falcon Edge Capital, and Tiger Global, among a few others. It has raised a sum of $766.6 million in more than 13 rounds, up until this point, as per information aggregator Crunchbase.
Policybazaar’s IPO goes ahead the impact points of a few new companies diagramming a course to the capital business sectors this year, including Zomato, Paytm and Nykaa. Zomato’s pre-IPO deal was oversubscribed manifolds, even in the retail area, and the organization’s stock is required to make a big appearance on July 27.
Paytm documented its draft distraction plan (DRHP) last week, illustrating a Rs 16,600 crore IPO.
Policybazaar’s arrangement to document an IPO was first detailed by news site Entrackr.
The startup posted a deficiency of Rs 218 crore in FY 20, contrasted and a deficiency of Rs 213 crore the earlier year. It as of late got a protection broking permit from the Insurance Regulatory and Development Authority of India (IRDAI) to sell protection disconnected, following which it said it would open 15 outlets, and at last, 100.