PolicyBazaar has taken another step towards an IPO of Rs 6,017.5 crore, which applies to SEBI

PB Fintech, which operates the online insurance platform PolicyBazar and the debt comparison portal Paisabazar, has applied to market regulator SEBI to raise Rs 6,017.5 crore through its initial public offering (IPO).

According to the Draft Red Herring Prospectus (DRHP), the IPO includes a new issue of equity shares worth Rs 3,750 crore, but it includes an offer for sale (OFS) of Rs 2,267.50 crore from existing shareholders.

Under OFS, SVF Python-II (Cayman) sells 1,875 crores worth of shares, Yashish Dahiya sells 250 crores worth of shares and some other shareholders also issue shares. PB FinTech has raised about Rs 750 crore through private placement of equity shares before the IPO.

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Kotak Mahindra Capital Company, Morgan Stanley India Company, Citigroup Global Markets India, ICICI Securities, HDFC Bank Limited, IIFL Securities and Jefferies India are the main facilitators of the issue. PB FinTech is a leading online platform for insurance and lending products driven by technology, data and innovation.

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