Policybazaar plans Mumbai IPO filing next month – The Economic Times

lipped from: https://economictimes.indiatimes.com/tech/startups/policybazaar-plans-mumbai-ipo-filing-next-month/articleshow/81952106.cmsSynopsis

The Policybazaar IPO, which could value the online insurance startup at over $3.5 billion, would involve new stocks and secondary shares from existing shareholders.

Indian online insurance platform Policybazaar is planning to file a draft prospectus as soon as next month for its Mumbai initial public offering (IPO) that could raise about $500 million, according to people familiar with the matter.

The SoftBank Group Corp.-backed startup is seeking a listing before the end of this year, said the people, asking not to be identified as the information is private. An offering, which could value Policybazaar at more than $3.5 billion, would involve new stocks and secondary shares from existing shareholders, the people said.

Deliberations are ongoing and details including size and timing could still change, the people said. A representative for Policybazaar declined to comment, adding the board hasn’t approved any IPO activity. A representative for SoftBank declined to comment.

Policybazaar, which also counts Tiger Global and Temasek Holdings Pte among its backers, could rank among the first of India’s mega startups to go public this year. Online food delivery chain Zomato and online beauty care chain Nykaa and some of the nation’s tech companies are in queue for IPOs in the local market.

India’s booming tech industry has attracted billions of dollars of investments from global giants. Facebook Inc. and Alphabet Inc.’s Google are pouring capital into partnerships with local operator Jio Platforms Ltd., while Amazon.com Inc. founder Jeff Bezos has said that “the 21st century is going to be the Indian century”.

Policybazaar, founded in 2008, offers a platform that allows customers to compare auto, health, life and personal insurance policies. The portal hosts more than 100 million visitors a year and sells 400,000 insurance policies each month, according to its website. The firm has been seeking to go public in 2021, its co-founder Yashish Dahiya said in a Bloomberg News interview last year.

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google photo

You are commenting using your Google account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s