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 , 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 world.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.

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.

Singapore Latest News, Singapore Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Mastermind behind deadly 2019 Kashmir attack killed in shootout: Indian policeThe mastermind behind a 2019 attack that killed 40 Indian paramilitary troops has been killed in a shootout with security forces, Indian police in ...
Source: ChannelNewsAsia - 🏆 6. / 66 Read more »

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 ...
Source: ChannelNewsAsia - 🏆 6. / 66 Read more »

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 ...
Source: ChannelNewsAsia - 🏆 6. / 66 Read more »

Indian, Chinese army officers meet to defuse border standoffTop Indian 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.
Source: ChannelNewsAsia - 🏆 6. / 66 Read more »

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 ...
Source: ChannelNewsAsia - 🏆 6. / 66 Read more »

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.
Source: ChannelNewsAsia - 🏆 6. / 66 Read more »