Preparations for bringing an IPO of PB Fintech, which runs online insurance platform and credit comparison portal Policybazaar.com (Policybazaar.com), have gained momentum. SEBI has approved its draft paper. The company will raise capital of Rs 6017.50 crore through IPO. Under the IPO, the company will issue equity shares worth Rs 3,750 crore, while existing shareholders will sell shares worth Rs 2,267 crore.
The company will raise Rs 750 crore through private placement
Under the offer for sale, SVF Python II (Cayman) will sell shares worth Rs 1875 crore, while Yashish Dahiya will sell shares worth Rs 250 crore. Some more shareholders will also sell their shares. According to the draft paper, the company can raise 750 crores through private placement before the IPO.
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What will the company do with the IPO funds?
The funds raised through the IPO will be used to increase the visibility of the company and for brand promotion. A portion of the fund will be used for strategic investments and acquisitions and for general corporate needs. PB Fintech is an internet company selling insurance and loans and other financial products. The company will use the capital raised through the IPO to create consumer awareness about itself and expand the product.
Kotak Mahindra Capital Company, Morgan Stanley India Company, Citigroup Global Markets, ICICI Securities, HDFC Bank Ltd and IIFL Securities ( IIFL Securities Securities and Jefferies will be the book building managers of this IPO.
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