Indian online insurance platform Policybazaar is aiming to raise approximately $872m through its upcoming initial public offering (IPO).
The IPO would involve new stocks and offer for sale from current shareholders, news website Entrackr reported first citing a regulatory filing.
Go deeper with GlobalData
The company is said to be targeting a valuation in the range of $4bn to $5bn, up from $2.4bn at the last funding round.
According to reports, SoftBank-backed Policybazaar is expected to file its draft red herring prospectus in July and list by December 2021.
The IPO is expected to be a combination of fresh shares as well as offer for sale.
To manage the compliance process, PB Fintech, the parent company of Policybazaar, has hired three-four investment bankers.
How well do you really know your competitors?
Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.
Thank you!
Your download email will arrive shortly
Not ready to buy yet? Download a free sample
We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form
By GlobalDataThe report comes close on the heels of Policybazaar receiving regulatory nod to operate as an insurance broker in India.
The broking licence will allow the company to offer services like claims assistance, offline services, and establish points of presence network.
As a precursor to the IPO, PB Fintech was converted into the public limited company through a special resolution in June this year, separate filings reveled.
PB Fintech, will also promotes the online credit comparison portal Paisabazaar.com.
Established in 2008, PolicyBazaar currently hosts over 100 million visitors a year and sells 400,000 insurance policies per month, says its website.
True North made an investment of around $50m in Policybazaar in 2017. In April this year, True North divested a portion of its stake in Policybazaar to five independent buyers.
Buyers included Serum Institute of India, Ashoka India Equity Investment Trust, Triumph Global Holdings, IIFL Special Opportunities Fund Series 8 and India Acorn Fund.
