New Delhi: Policybazaar, Star Health, and Medi Assist Healthcare IPOs are set to hit the share market. Three insurance sector companies are entering the primary market with initial public offerings in upcoming months to mop up over Rs 10,000 crore. These companies have already filed draft red herring prospectus (DRHP) with Securities and Exchange Board of India (SEBI), as per a PTI report.
So far, more than 40 companies have hit the IPO market so far this year, raising around Rs 70,000 crore. Investment bankers are expecting more than 100 issues this year, making it the best-ever period for the IPOs, the PTI report said.
Policy Bazaar Health Insurance IPO Size, Price, Valuation, Prospectus
- PB Fintech is the parent company of online insurance distributor Policybazaar.
- The company is aiming to raise Rs 6,017 crore through IPO. This will make it the second-biggest issue so far this year after the Rs 9,375-crore Zomato issue last month. PB Fintech is backed by Tiger Global and Tencent Holdings.
- PB Fintech has filed the DRHP on August 4.
- PB Fintech addresses the large and highly underpenetrated online insurance and lending markets in the country through its Policybazaar and online lending platform Paisabazaar, the largest digital insurance marketplace with a 93.4 per cent market share based on the number of policies sold. In the financial year 2020, 65.3 per cent of all digital insurance sales by volume was transacted through the Policybazaar platform.
- Its Rs 6,017.5-crore public issue comprises a fresh issue of Rs 3,750 crore and an offer-for-sale of Rs 2,267.5 crore by existing selling shareholders. The OFS consists of sale by investor SVF Python II (Cayman) for Rs 1,875 crore, and Rs 392.5 crore worth of shares by other shareholders.
Star Health IPO Size, News, Valuation, DRHP
- Star Health, the largest standalone private health insurer, is planning to raise Rs 3,000 crore.
- Star Health filed its draft prospectus with markets regulator Sebi on July 28.
- Star Health is backed by billionaire Rakesh Jhunjhunwala and Westbridge Capital.
- It is the largest standalone private health insurer with a market share of 15.8 per cent in the health insurance market in the financial year 2021.
- Star Health IPO will consist of a fresh issue of shares aggregating Rs 2,000 crore and an offer-for-sale (OFS) of 60.1 million shares by shareholders.
Medi Assist Healthcare IPO News, Valuation
- Medi Assist, which is the largest third-party administrator, is aiming a Rs 840-1,000 crore IPO.
- Medi Assist filed draft red herring prospectus on May 11.
- Medi Assist is the country”s largest third-party insurance administrator in terms of revenue and premium serviced. It operates a pan-India network comprising over 11,000 hospitals across 722 cities and towns.
- Medi Assist IPO consists only of OFS of 2,539,092 shares by Vikram Jit Singh Chatwal, Medimatter Health Management, Bessemer Health Capital LLC, and Investcorp Private Equity Fund I. The offer constitutes 40.70 per cent of the post-offer paid-up equity share capital of the company.
(Based on Inputs by PTI)
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