BENGALURU, Aug 2 (Reuters) - SoftBank Group-backed
online insurance aggregator Policybazaar has filed for an
initial public offering of up to 60.18 billion rupees ($809.36
million), joining a string of Indian startups that have tapped
capital markets in recent months.
Indian food-delivery firm Zomato had a stellar
public debut last month, while fintech firm Paytm has filed for
a listing as markets hover at record highs and cash-laden
investors hunt for firms likely to benefit in the post-pandemic
PB Fintech Ltd, Policybazaar's parent, will issue new shares
worth 37.5 billion rupees and existing investors will offload
shares worth 22.68 billion rupees in the offering, a draft
prospectus showed https://www.investmentbank.kotak.com/downloads/pb-fintech-limited-DRHP.pdf
SoftBank unit SVF Python II (Cayman) Ltd is selling 18.75
billion rupees of shares.
Launched in 2008, Policybazaar is an online platform for
customers and insurer partners to buy and sell products.
The company said it would use the proceeds of the IPO to
build its brand, develop an offline presence, and make
investments and acquisitions.
Policybazaar is also targeting a pre-IPO issue of shares
worth 7.5 billion rupees, and will cut the size of the
offering's fresh issue component if the placement is completed.
Kotak Mahindra Capital, Morgan Stanley, Citigroup Global
Markets India, ICICI Securities, HDFC Bank, IIFL Securities and
Jefferies India are the book running lead managers for the IPO.
($1 = 74.3550 Indian rupees)
(Reporting by Chris Thomas in Bengaluru; Editing by