Policybazaar plans IPO to raise up to Rs 6,500 crore

Mumbai: PB Fintech, the parent of SoftBank-backed Policybazaar, is looking to raise up to 6,500 crore ($870 million) through an initial public offering (IPO). This makes it the fifth Indian startup to initiate such plans this year.

The online insurance aggregator is said to be seeking a valuation of as much as $5 billion, up from $2.4 billion at the last funding round.

The Policybazaar IPO is expected to be a mix of fresh shares and an offer for sale, through which existing investors can exit. This is similar to Paytm’s proposed public offer set for later this year.