Indian online insurance platform Policybazaar is planning to file a draft prospectus as soon as next month for its Mumbai initial public offering that could raise about $500 Mn. The SoftBank Group Corp.-backed startup is seeking a listing before the end of this year as stated by people from the organization who chose to remain anonymous.
Policybazaar, founded in 2008, offers a platform that allows customers to compare auto, health, life, and personal insurance policies. The IPO, which could value Policybazaar at more than $3.5 Bn, would involve new stocks and secondary shares from existing shareholders. Policybazaar, which also counts Tiger Global management and Temasek Holdings Pte. among its backers, could rank among the first of India’s mega startups to go public this year.
Deliberations are ongoing and details including size and timing could still change. A representative for Policybazaar declined to comment, adding the board hasn’t approved any IPO activity. A representative for SoftBank declined to comment.