Policybazaar IPO: SoftBank to sell 20% of its stake worth Rs 1,875 crore

SoftBank will sell around 20 per cent of its total stake in Policybazaar’s initial public offering, the fintech company said today. The Japanese venture fund currently has a 13 per cent stake in the IPO-bound company.

The IPO consists of a fresh issue of Rs 3,750 crore, along with an offer for sale (OFS) of Rs 1959.72 crore by existing promoters and shareholders.Of the total offer for sale, Softbank’s sale is Rs 1,875 crore while individual shareholders will share Rs 85 crore. Policybazaar had initially filed a draft red herring prospectus in July, saying that the offer for sale in the IPO would be Rs 2,267.5 crore–meaning, the OFS amount now is 85 per cent of the initially planned amount.