The parent company of PolicyBazaar, PB Fintech’s initial public offering (IPO), will open on November 1 and close on November 3, according to an exchange notification on the Bombay Stock Exchange. The post-issue modification date is November 8.

The existing shareholders and promoters will sell shares in the Rs 5,700 crore offer. It is expected to consist of a fresh issue of Rs 3,759 crore and an offer for sale (OFS) component of Rs 1,933.50 crore. Investment banks such as Morgan Stanley, ICICI Securities, IIFL Securities, Kotak Securities, CitiGroup Global Markets, HDFC Bank and Jefferies are set to be the book running lead managers of the issue.

The sponsor bank is ICICI Bank while the registrar is Link Intime. With a face value of Rs 2each, the issue size is 6,07,30,265 shares. In June 2008, Yashish Dahiya, Alok Bansal and Avaneesh Nirjar founded PolicyBazaar. It is backed by investors such as Info Edge, Claymore Investment, Falcon Edge, SoftBank, Tencent, Tiger Global, Alpha Wave and others.

Chief executive Yashish Dahiya and the founders will together sell shares worth Rs 392.50 crore. China’s Tencent has not been listed as an investor that will offload shares during the OFS. For the public offer, The 13-year-old startup could seek a valuation of $5-6 billion.

For FY21 PB fintech’s loss narrowed to Rs 150 crore from Rs 304 crore in FY20 and Rs 346 crore in FY19, according to its draft IPO prospectus. In June, PolicyBazaar acquired an insurance broking licence from the Insurance Regulatory and Development Authority of India. This will allow expanding product and service offerings, including claims assistance and a point-of-sale network and will also allow it to set up a physical network.