Policybazaar, Startup, Softbank-Backed Indian, Ipo, India

Policybazaar, Startup

SoftBank-backed Indian insurance startup Policybazaar files for US$810 million IPO

SoftBank-backed Indian insurance startup Policybazaar files for US$810 million IPO

2/8/2021 9:20:00 AM

SoftBank-backed Indian insurance startup Policybazaar files for US$810 million IPO

BENGALURU -SoftBank Group-backed online insurance aggregator Policybazaar has filed for an initial public offering of up to 60.18 billion rupees ...

BookmarkBENGALURU -SoftBank Group-backed online insurance aggregator Policybazaar has filed for an initial public offering of up to 60.18 billion rupees (US$809.36 million), joining a string of Indian startups that have tapped capital markets in recent months.

Singapore preparing to deal with ‘5,000 new Covid-19 cases a day or maybe more’: Lawrence Wong 1,647 new COVID cases in Singapore, 2 vaccinated deaths China State Grid vows to ensure people's basic power supply

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 world.Advertisement

AdvertisementPB 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 on Monday. headtopics.com

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.

AdvertisementAdvertisementPolicybazaar 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.

(US$1=74.3550 Indian rupees)(Reporting by Chris Thomas in Bengaluru; Editing by Ramakrishnan M.) Read more: CNA »

Permission to Dance? BTS sing their way through United Nations

NEW YORK — Fully vaccinated South Korean band BTS danced its way through the United Nations (UN) in a Monday (Sept 20) broadcast, promoting global goals tackling poverty, inequality, injustice and climate change ahead of the annual UN gathering of world leaders.

Mastermind behind deadly 2019 Kashmir attack killed in shootout: Indian policeThe mastermind behind a 2019 attack that killed 40 India n paramilitary troops has been killed in a shootout with security forces, India n police in ...

Mexico to hold referendum on accountability of ex-presidentsA referendum in Mexico on Sunday (Aug 1) is going to cost the country about US$25 million, few like the poorly written, yes-or-no question on the ...

Takeda to record 63 billion yen provision, update Q1 results on Irish tax issueREUTERS: Takeda Pharmaceutical Co said on Monday it will record a provision of about 63 billion yen (US$574.56 million) in its financial ...

Indian, Chinese army officers meet to defuse border standoffTop India n and Chinese army commanders met on Saturday (Jul 31) after a gap of three months to discuss the expeditious disengagement of thousands ... Talking Fighting Nice , good to have constructive dialogue than war .... Indian don’t get tricked by the CCP again.

Renault locks in lithium supply from Vulcan Energy in five-year dealGerman-Australian start-up Vulcan Energy Resources Ltd said on Monday it has signed a deal to supply lithium to Renault SA, the latest move by an ...

Dwayne Johnson and Emily Blunt's Jungle Cruise docks with US$34m in US theatresThe show also picked up US$30m on Disney Plus Premier Access globally.