PolicyBazaar Close To Finalising Bankers For IPO At $3.5 Bn Valuation
Insurance and financial services aggregator PolicyBazaar is reportedly preparing to list publicly via a Rs4,000 Cr IPO, as per news reports. While the company had announced its plans to go public in the past, its financial performance in the past two fiscals did raise a few concerns around the expected timelines.
PolicyBazaar’s parent company PB is said to have invited proposals from at least eight investment banks for the proposed IPO, according to a Mint report. The company is expected to dilute up to 15% stake in the public offering and would seek a valuation of almost $3.5 bn. While talks are still ongoing, the company is believed to be in the process of shortlisting bankers by next month.
“At least six merchant bankers are expected to be given the mandate to manage the IPO. The company has a vast loyal customer base, so renewals generate revenues; the number is increasing steadily as more people are preferring to transact online for safety, ease of understanding products; saving time by availing instant neutral advice from the aggregator by comparing plans before buying suitable insurance. Its growth prospect is very high as the major portion of India’s population is still underinsured,” one of the sources close to PolicyBazaar told the publication.