Bengaluru: Online insurance aggregator Policybazaar has raised over Rs.2,569 billion from 155 anchor investors including leading insurance companies like HDFC Life, ICICI Prudential, Bajaj Allianz Life, SBI General Insurance and Max Life Insurance.
The startup, backed by SoftBank, posted almost 40 times higher bids for the anchorage of its initial public offering (IPO), which also included investors such as Fidelity, Baillie Gifford, Dragoneer Group, BlackRock and others.
Steadview Capital, Tiger Global and Falcon Edge, the existing investors in PB Fintech – the parent company of Policybazaar – have also further doubled the company through anchor investments. “The investment from insurance companies who know the company well is an endorsement. The total bids in the anchor investment slot were 40 times higher, ”said an expert.
Policybazaar’s IPO opens on November 1st and closes on November 3rd.
The IPO includes a reissue of Rs.3,750 billion and an OFS of more than Rs.1,900 billion, mostly from SoftBank.
It has set a price range of Rs 940-Rs 980 per share for the IPO. The company is targeting a valuation of $ 6.15 billion.
PB Fintech would continue to chase growth behind short-term profit in the long term, ET reported earlier this week, citing co-founder and chairman Yashish Dahiya.
“Even in our discussions with potential anchor investors, we have communicated that we will continue to grow the business unchanged, and we have received tremendous support from them,” Dahiya told ET.