India’s largest online insurance aggregator Policybazaar, which is backed by a host of marquee investors such as Softbank, Temasek, Info Edge, Tiger Global and Premji Invest, has filed papers with the market regulator Sebi to raise Rs 6,017.5 crores through a mega initial public offering the latest Indian startup looking to list on stock exchanges.
The IPO will comprise a fresh issue of Rs 3,750 crore and an offer for sale (OFS) of Rs 2,267.5 crores.
The company will utilise approximately Rs 1,500 crore from the funds raised through the market for "enhancing the visibility" of its brands, according to the draft red herring prospects(DRHP). It also said that the funds will be utilised for expanding growth initiatives to increase the consumer base, including offline presence, funding investments and new acquisitions, and for expansion outside India.
Moneycontrol was the first to write about the DRHP as well as the IPO plans. Earlier on February 21, 2021 Moneycontrol had also reported that the firm had picked Kotak Mahindra Capital, Morgan Stanley, ICICI Securities and Citi as advisors for the listing.