Policybazaar, the Indian insurance aggregator and multinational financial technology company, is anchored to knock the market, as it intends to raise Rs 6,500 crore. PB Fintech, the parent company of Policybazaar, encouraged a resolution to increase the declared amount via a new equity issue in a regulatory filing.
The Softbank-backed insurance aggregator, in its filing, also declared that apart from the new equity issue, it can also acknowledge an offer for sale from some of its investors. On July 5, 2021, The resolution was passed in an extraordinary general meeting (EGM). According to the filings, the company has extended the limit of NRIs and OCIs from 10 percent to 24 percent. It has also transformed outstanding convertible preference shares into equity shares.
As per the media reports, Policybazaar plans to proceed out with an IPO by December this year. Policybazaar will be the third new-age tech company listed on the Indian bourses this year, after Zomato and Paytm. Paytm registered the DRHP and aimed to raise Rs 16,600 crore. The company has also stated a special resolution to rename PB Fintech Ltd and convert from a private limited to a public entity.
Policybazaar, founded in 2008 by Yashish Dahiya, blows marquee investors like Tiger Global, Softbank, Falcon Edge Capital, Tencent, and others. According to reports, Policybazaar declared a loss of Rs 218 crore in FY20, which resembled Rs 213 in FY19. Recently, The company endured an insurance broking license from the IRDAI.