back Back

PB Fintech files papers for  60 billion public share sale

By Leandra Monteiro

August 04, 2021

Share

Policybazaar, PB Fintech, billion, InsurTech, Fintech, IndiaGurgaon-based Indian InsurTech Policybazaar’s parent company PB Fintech, on Monday filed draft share sale documents with the Securities and Exchange Board of India (Sebi) for a INR 60.175 billion initial public offering. PolicyBazaar and PaisaBazaar are parts of the same franchise- PB Fintech. However, they deal in entirely different markets.

PB Fintech IPO consists of fresh issuance worth INR 37.5 billion and a INR 22.675 billion offer for sale (OFS) by existing shareholders. This includes SoftBank Vision Fund Python, which has a 9.75 per cent stake. China’s Tencent, which owns over 9 per cent stake, is unlikely to offload its stake.

Founders United Trust, an investment venture formerly backed by industry bigwigs such as Sequoia India’s Rajan Anandan, MakeMyTrip’s Deep Kalra and ChrysCapital’s Ashish Dhawan, will also be selling a stake worth INR 275 million.

Kotak Mahindra Capital, Morgan Stanley, Citigroup Global Markets India, ICICI Securities, HDFC Bank Ltd, IIFL Securities and Jefferies India are the book running lead managers to the issue. PB Fintech, also backed by Tiger Global Management and Tencent Holdings Ltd., has joined the leagues of other digital companies such as Zomato, Paytm, Mobikwik, and CarTrade, by filing the IPO papers SEBI.

PB Fintech plans to allocate INR 15 billion from the issue to improve visibility and awareness of its brands. An additional INR 3.75 billion and INR 6 billion from the issue proceeds will be used to facilitate expansion plans as well as for funding strategic acquisitions. Policybazaar will also be using INR 3.75 billion from the issue for expanding its global presence.

Previous Article

August 04, 2021

SmartStream Technologies hire the new Head of Sales, Managed Services

Read More
Next Article

August 04, 2021

FxPro has partnered with Currenycloud to launch the banking app BnkPro

Read More

IBSi Prime News

astra

December 08, 2021

Transferring money to the right place at the right time: Interview with Gil Akos, CEO of Astra

Read More
  • Daily insightful news analysis
  • Weekly snapshot of the industry deals, events & insights
  • Sectoral deep dives on the hottest FinTech trends
  • Exclusive interviews featuring c-level executives shaping the industry
  • Profiles of the most influential established and emerging companies in the sector
  • Weekly global FinTech use cases
  • Chart of the Week curated by the IBSi’s Research Team
Subscribe to Prime

IBSi FinTech Journal

  • Most trusted FinTech journal since 1991
  • Digital monthly issue
  • 60+ pages of research, analysis, interviews, opinions, and rankings
  • Global coverage
Subscribe Now

Other Related News

December 01, 2021

SunTec Business Solutions announces partnership with Mambu

Read More

November 29, 2021

Thought Machine raises $200m in series C funding round to bring banks to the cloud

Read More

November 29, 2021

OneConnect launches new Gamma Core Banking System

Read More

Related Reports

Sales League Table Report 2021

£1,500 / year

Know More
US Financial Services Technology Report 2021

£1,500 / year

Know More
The Future of Digital Banking Report 2021

£1,500 / year

Know More
Wealth Management & Private Banking Systems Report 2021

£1,500 / year

Know More
Treasury and Capital Markets Systems Report 2021

£1,500 / year

Know More