PolicyBazaar raises Rs 2,569 Cr from anchor investors ahead of IPO

The anchor investors included leading financial institutions from domestic and overseas markets.

PB Fintech, the holding company of PolicyBazaar and PaisaBazaar has raised Rs 2569.73 crore from 155 anchor investors ahead of its IPO.

The participants included both domestic and foreign investors with shares allocated at a price of Rs 980 per share, the company said in a filing with the stock exchanges.

The leading names who participated in this anchor round include Fidelity Funds, Abu Dhabi Investment Authority, Goldman Sachs, Aberdeen Global, Nomura, Blackrock, Baillie Gifford, and Canada Pension Plan Investment Board, among others.

Policybazaar founder Yashish Dahiya

Among domestic investors, the participants included HDFC MF, ICICI Prudential, SBI MF, Axis MF, Aditya Birla Sun Life Trustee, Kotak Mutual Fund, Nippon Life, UTI MF, Franklin MF, DSP MF, Bajaj Allianz Life Insurance, HDFC Life Insurance, SBI Life Insurance, and Max Life Insurance.

The IPO of PB Fintech will open between November 1 and 3 with shares being priced in the range of Rs 940-980 per share.

PB Fintech is planning to garner Rs 5,625 crore through its initial public offering that consists of a fresh issue of Rs 3,750 crore, and an offer for sale of Rs 1,875 crore by investor SVF Python II (Cayman) and other selling shareholders.

PB Fintech aims to use the proceeds of the IPO for enhancing the visibility and awareness of its brands namely – Policybazaar and Paisabazaar. It will also look at new opportunities to expand the consumer base, including having an offline presence, strategic investments and acquisitions, and expanding the presence outside India.

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 aims to create awareness amongst Indian households about the financial impact of death, disease, and damage.

As of September 2021, 48 insurer partners have offered over 390 term, health, motor, home, and travel insurance products on the platform.

Edited by Kanishk Singh


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