Policybazaar IPO: The company has recently obtained broking license and has officially become an insurance broker. Policybazaar also announced its offline expansion as a broker and has set up 15 stores,
PB Fintech, the parent company of insurance company Policybazaa, is planning to raise up to Rs 6,500 crore through fresh issue of shares in its upcoming IPO. The company has got approval for the IPO in its general meeting held on July 5. The company will also have the option to maintain oversubscription up to 1 per cent of the net offering.
The offer could also include an offer for sale and a pre-IPO private placement, the company said. Policybazaar is an online insurance aggregator. In this, Japanese company Softbank has invested. Here you can also find out which company’s product is cheap and whose expensive.
Policybazaar to file DRHP soon
Separate filings also show that PB Fintech was converted into a public limited company through a special resolution in June as the lead of the IPO. Entrackr was the first to report on the filing on July 20. It is expected that PolicyBazaar will soon file its draft Red Herring Prospectus (DRHP) with the regulator.
Insurance broker company
The company has recently obtained broking license and has officially become an insurance broker. Policybazaar also announced its offline expansion as a broker and has set up 15 stores, with plans to expand to 100 locations. The company said, the store will give an opportunity to know the experience for the customers.
Company established in 2008
The company also announced a new group health insurance program for SMEs, MSMEs and large corporates. Established in 2008, the company used to work as an insurance aggregator, recently it became an insurance broker. The company has investors like SoftBank, Info Edge, Temasek, Tencent, Tiger Global.
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