Capital markets regulator SEBI has approved the Initial Public Offer (IPO) of PB Fintech Ltd. The company's online insurance platform PolicyBazaar and Loan Comparison. The online platform operates Paisabazaar. According to the IPO document, PB Fintech will bring an IPO of Rs 6,017.50 crore. Fresh shares worth Rs 3,750 crore will be issued. The company will sell shares worth Rs 2,267.50 crore to its existing shareholders through Offer for Sale (OFS).
According to the documents submitted by the company to SEBI, it will raise 750 crores through private placement of shares before the IPO. PB Tech said it will use the proceeds of the IPO to increase consumer awareness of the customer base and brands and explore new growth opportunities. The company can also use some of the money for acquisition-related deals.