PF Fintech, the parent of SoftBank-backed Policybazaar, is looking to raise up to 6,500 crore ($870 million) through an initial public offering (IPO), CNBC TV18 reported on July 20, citing an RoC filing.
The company had received approval for IPO at the Extraordinary General Meeting (EGM) held on July 5.
In its filing, it also stated that apart from fresh equity issue, it can also consider offer for sale from some of its investors. The company has also passed a special resolution to rename as PB Fintech Ltd, and converting from private limited to public entity.
According to news reports, the Gurgaon, Harayana-based startup is planning to come out with an IPO by December this year. After Zomato and Paytm, Policybazaar will be third new-age tech acompany to get listed on the Indian bourses this year. Paytm filed the DRHP and intends to raise Rs 16,600 crore.
Founded in 2008 by Yashish Dahiya, Policybazaar's investors include Softbank, Tencent, Azim Premji-owned PremjiInvest, Falcon Edge Capital, and Tiger Global, among several others. It has raised a total of $766.6 million in over 13 rounds, so far, according to data aggregator Crunchbase.
According to reports, Policybazaar posted a loss of Rs 218 crore in FY20, compared to a loss of Rs 213 in FY19. The company recently received an insurance broking licence from the IRDAI.