Policybazaar, an insurance platform backed by Japanese investment firm SoftBank, is also gearing up to race in the IPO race. The company will launch an IPO this year to raise $ 500 million or about Rs 3700 crore from the primary market. For this, the company is planning to file a draft red herring prospectus (DRHP) with market regulator SEBI in May 2021.
If the company is successful in bringing this IPO, then the valuation of the company will be more than $ 3.5 billion i.e. Rs 26,000 crore. Sources related to this matter said that the company is in discussion with various stakeholders for this IPO. Changes in the size and launch date of the IPO are possible. However, both PolicyBazaar and SoftBank declined to comment on plans to launch an IPO.
Domestic online insurance platform Policy Bazaar wants to be listed in the stock market by the end of this year. The company can sell new shares for this IPO and shares under the offer for sale. Let us tell you that Tiger Global and Temasek Holdings also have a stake in the policy market.
Policy Bazaar IPO Full Details
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Policy Bazaar is one of the top startups in the country that may launch an IPO this year. The IPO of food delivery company Zomato and beauty products startup Nika (NYKAA) will also come this year. Let us tell you that the policy market was started in the year 2008.
The company gives its customers the facility to assess auto, health, life insurance and general insurance policies. The policy market site attracts 100 million visitors every year and the company sells 4 lakh policies every month.