Menu
in

PolicyBazaar India’s largest Insurance aggregator filed for IPO

PolicyBazaar

Recently few internet-based companies like Zomato, Paytm, Mobikwik stepped in the stock market by filing an IPO. Now, these companies have become public companies by initiating their IPO. Following the footsteps of these companies, a new company will be entering the stock market.

The company is PolicyBazaar which is an Indian online insurance aggregator. If you have ever taken insurance then you might have come across this company. PolicyBazaar allows its users to check and compare the insurance policies from all the major companies. It owns both the app and website.

It was founded in June 200 by three intellectual and passionate people: Yashish Dahiya, Alok Bansal, and Avaneesh Nirjar. Initially, it started with policy price comparison and now it has become the largest insurance selling platform. Based on the company reports the company processes nearly 25% of India’s life insurances. Till now it has been a private company and now it will be a public company.

For this, the company has filed the draft red herring prospectus (DRHP) with SEBI to launch Rs 6017.5crore IPO. PolicyBazaar and paisabazaar are child companies of PB Fintech Ltd. Since the company announced its IPO, it is making a lot of buzz in the market. As the company has strong fundamentals and is backed up by trusted sources everyone is getting ready to get their part of it.

Policybazaar has reported that it will issue fresh shares worth Rs 3,750 crore and an offer for the sale of shares worth Rs 2,267.5 crore. Also, the company has plans for raising about $100 million in a pre-IPO round. The company informed in its share of sale documents some interesting news. PB Fintech is in consultation with its investment bankers to consider a private placement of equity shares of around Rs 750 Crores.

The company has evolved significantly over the years, making it easy for users to get the best insurance policies simple and fast. With the help of technology, innovation, and a user-friendly interface, it has become India’s largest platform for insurance policies. The interface allows you to compare thousands of insurance policies in one place. So you can select the best insurance policy for yourself and your family members.

With the initial public offering, the company has some ambitious plans. The company is planning to use the IPO for enhancing brand visibility and awareness. As of now, PolicyBazaar has 4.8 crore registered users. After the IPO, the company is expecting to raise its user base significantly.

Along with this, PolicyBazaar has received its direct insurance broking license from the Insurance and Regulatory and Development Authority. It allows the company to go from an online presence to an offline one. This means the company services will greatly expand with offline infrastructure, technology, and other capabilities.

PolicyBazaar plans to develop nearly 200 physical retail outlets. So all this could take a significant investment. So launching an IPO at this crucial time makes sense.

Last month, Zomato successfully busted the myth that startups are unable to list in the public markets. Following that, several companies have registered for the IPO. Freshly PolicyBazaar has filed for IPO. All this could be very beneficial for Indian capital markets.

Written by Sandeep K

Leave a Reply

Exit mobile version