Policy bazaar parent files papers for IPO

The parent of online financial service providers Policybazaar and Paisabazaar on Monday filed draft share sale documents with the Securities Exchange Board of India for a ₹6,017.5 crore initial public offering.

The IPO consists of a fresh issue of shares worth ₹3,750 crore and an offer for sale (OFS) of ₹2,267.50 crore by its existing shareholders and promoters, parent PB Fintech Ltd said.

The OFS includes a share sale of up to ₹1,875 crore by Softbank along with a sale of shares worth ₹250 crore and ₹95 crore by Policybazaar co-founders Yashish Dahiya and Alok Bansal.