Sebi Approves PB Fintech's IPO worth INR 6,017 Cr


Sebi Approves PB Fintech's IPO worth INR 6,017 Cr

PB Fintech, the parent firm of online insurance platform Policybazaar and credit comparison portal Paisabazaar, has obtained capital markets regulator Sebi's consent to raise 6,017.50 crore through an initial share-sale.

According to draft red herring prospectus (DRHP), the IPO comprises a fresh issue of 3,750 crore worth of equity shares and an offer for sale of 2,267.50 crore by existing shareholders.

As part of the OFS, SVF Python II (Cayman) would sell shares worth 1,875 crore, Yashish Dahiya would sell shares worth 250 crore and some other selling shareholders will also offer shares.

PB Fintech, which filed draft papers with Sebi in August, has obtained the regulator's clearance to float the IPO. According to the draft papers, the firm may consider raising around 750 crore by way of a private placement of equity shares ahead of the IPO.

Proceeds of the fresh issue will be used towards enhancing visibility and awareness of the company's brands, to look for new opportunities to expand growth initiatives to increase the consumer base including offline presence.

Also, the proceeds from the IPO would be used for funding strategic investments and acquisitions, expanding presence outside India and general corporate purpose. PB Fintech is the leading online platform for insurance and lending products, leveraging the power of technology, data and innovation.

It provides convenient access to insurance, credit and other financial products and aim to create awareness amongst Indian households about the financial impact of death, disease and damage.

Kotak Mahindra Capital Company, Morgan Stanley India Company, Citigroup Global Markets India, ICICI Securities, HDFC Bank Ltd, IIFL Securities and Jefferies India are the book running lead managers to the issue.