Big Ticket IPO: Yashish Dahiya led PB Fintech files Rs 6000 crore grand DRHP

Source :Sify
Author :Finance Desk
Last Updated: Wed, Aug 4th, 2021, 01:44:01hrs
  • Facebook-icon
  • Twitter-icon
  • Whatsapp-icon
  • Linkedin-icon

Mumbai: Yashish Dahiya led PB Fintech has finally pressed that IPO button.

After having dropped enough cues on heading the IPO way, PB Fintech has finally announced a Rs 6,000 crore DRHP. In 2020, Dahiya had spilled the beans of an IPO route in a media interaction. That was the time when Dahiya and PolicyBazaar were ruling the trend charts for catching the attention of Jio and Google.

In its latest Draft Red Herring Prospectus, the company said it was filing an IPO to raise fresh funds and provide an Offer-For-Sale. The numbers indicate the IPO could see an exchange of shares worth Rs 6,017 crores.

The face value of the shares has been kept at Rs 2 each.

In its DRHP, PB Fintech said, "the company plans to raise funds through fresh issue of equity shares aggregating up to Rs 37,500 million and through offer for sale aggregating up to Rs. 22,675 million."

"The Offer for sale comprises equity shares aggregating up to Rs. 18,750 million by SVF Python II (Cayman) Limited and equity shares aggregating up to Rs. 3,925 million by other persons listed in the DRHP."

According to the DRHP, other persons include Yashish Dahiya, Alok Bansal, Founder United Trust, Shikha Dahiya, and Rajendra Singh Kuhar.

In its note, the company said that it could also "consider a further issue of equity shares by way of a private placement of equity shares aggregating up to Rs 7,500 million, prior to filling of Red Herring Prospectus with the ROC ("Pre IPO Placement")."

"If the Pre-IPO placement is undertaken it will be at a price to be decided by the company in consultation with the JGC-BRLMS and BRLMS and the fresh issue size will be reduced to the extent of such Pre-IPO placement, subject to the offer (Comprising the fresh issue so reduced by the amount raised from the Pre-IPO placement, and the offer for sale) constituting at least 10% of the post-offer paid up equity share capital of the company," the note added.

Funds raised from the IPO would be used by PB Fintech in meeting corporate objectives such as

  • Enhancing visibility and awareness of company’s brands,
  • New opportunities to expand company’s Consumer base including offline presence,
  • Strategic investments and acquisitions,
  • Expanding company’s presence outside India;
  • and General corporate purposes.

Kotak Mahindra Capital Company Limited and Morgan Stanley India Company Private Limited, are the Joint Global Co-ordinators and Book Running Lead managers. Citigroup Global Markets India Private Limited, ICICI Securities Limited, HDFC Bank Limited, IIFL Securities Limited and Jefferies India Private Limited are Book Running Lead Managers.

Existing marquee investors with PolicyBazaar includes the likes of SoftBank, Premji Invest, Temasek, Tiger Global, Info Edge, and Chiratae Ventures. 

  • Facebook-icon
  • Twitter-icon
  • Whatsapp-icon
  • Linkedin-icon