Policybazaar targets $3.5-billion valuation in September 2021 IPO

Online insurance platform Policybazaar aims to go public in 2021 at a valuation north of $3.5 billion, potentially becoming the first of India’s mega-start-ups to debut as its digital economy booms.

The start-up plans to secure about $250 million in a round of financing at a $2 billion-plus valuation before a September 2021 initial public offering, co-founder Yashish Dahiya told Bloomberg News. Policybazaar is now selecting two to three IPO lead underwriters from a roster that includes several Wall Street banks, said Dahiya, chief executive officer of Policybazaar parent ETech Aces Marketing and Consulting.

“The IPO size will be about $500 million,” Dahiya said from London, where he is currently based. “We have global interest and will raise in the coming weeks” for the pre-IPO financing.