Softbank-Backed Startup Policybazaar Files For Rs 6,018 Crore IPO

SoftBank Group-backed online insurance aggregator Policybazaar has filed for an initial public offering of up to Rs 6,018 crore.

SoftBank Group-backed online insurance aggregator Policybazaar has filed for an initial public offering of up to Rs 6,018 crore ($809.36 million), joining a string of startups that have tapped capital markets in recent months. Food-delivery firm Zomato had a stellar public debut last month, while fintech firm Paytm has filed for a listing as markets hover at record highs and cash-laden investors hunt for firms likely to benefit in the post-pandemic world. PB Fintech Ltd, Policybazaar's parent, will issue new shares worth Rs 3,750 crore and existing investors will offload shares worth Rs 2,268 crore in the offering, a draft prospectus showed on Monday. SoftBank unit SVF Python II (Cayman) Ltd is selling Rs 1,875 crore of shares.