PolicyBazaar’s US$767 Million IPO

Linklaters advised the book running lead managers on the initial public offering (IPO) of PB Fintech Ltd.

PB Fintech Ltd, the parent company of online insurance aggregator and unicorn company, PolicyBazaar, initially offered on both the National Stock Exchange of India (NSE) and Bombay Stock Exchange (BSE). This transaction represents one of the largest unicorn IPOs to list on the NSE and BSE and is one of the recent new-age tech unicorns to make its debut listing.

Upon listing, PolicyBazaar emerged as the most valuable insurance marketplace in the world, raising INR57,097m (approx. US$767m). PB Fintech Ltd. will use the proceeds to increase visibility and awareness of its PolicyBazaar and PaisaBazaar brands and grow its consumer base by offering offline services and expanding its presence outside of India.

The book running lead managers on the transaction comprised Kotak Mahindra Capital Company Limited, Morgan Stanley India Company Private Limited, Citigroup Global Markets India Private Limited, ICICI Securities Limited, HDFC Bank Limited, IIFL Securities Limited and Jefferies India Private Limited.

The Linklaters team was led by Head of South and Southeast Asia Capital Markets partner, Amit Singh (Picture), with support from counsel Joseph Wolpin.

Involved fees earner: Amit Singh – Linklaters; Joseph Wolpin – Linklaters;

Law Firms: Linklaters;

Clients: Citigroup Global Markets India Private Limited; HDFC Bank Ltd; ICICI Securities Ltd.; IIFL Securities Ltd; Jefferies India Private Limited; Kotak Mahindra Capital Co. Ltd.; Morgan Stanley India Company Private Limited;

Author: Giulia Di Palma