Policybazzar is all set to hit the market, planning to boost Rs 6,500 crore. PB Fintech, the father or mother firm of Policybazaar in a regulatory submitting accepted a decision to boost the mentioned quantity by way of recent subject of fairness.
The Softbank-backed insurance coverage aggregator, in its submitting, additionally acknowledged that other than recent fairness subject, it might probably additionally take into account supply on the market from a few of its buyers. The decision was handed in an extra-ordinary basic assembly (EGM) held by the corporate on July 5, 2021.
The firm has elevated the restrict of investments by NRIs and OCIs from 10 per cent to 24 per cent, in accordance with the filings. It has additionally transformed excellent convertible choice shares into fairness shares.
According to media studies Policybazaar is planning to come back out with an IPO by December this 12 months. After Zomato and Paytm, Policybazaar might be third new-age tech acompany to get listed on the Indian bourses this 12 months. Paytm filed the DRHP and intends to boost Rs 16,600 crore.
The firm has additionally handed a particular decision to rename as PB Fintech Ltd, and changing from non-public restricted to public entity.Founded in 2008 by Yashish Dahiya, Policybazaar boasts of marquee buyers like Tiger Global, Softbank, Falcon Edge Capital, Tencent and others.According to studies, Policybazaar posted a lack of Rs 218 crore in FY20, in comparison with a lack of Rs 213 in FY19. The firm just lately acquired an insurance coverage broking licence from the IRDAI.