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Policybazaar raises Rs 2,569 crores in IPO anchor round, got bids nearly 40 times higher for the anchor slot of its IPO
Online insurance aggregator Policybazaar has raised over Rs 2,569 crore from 155 anchor investors, which included leading insurance firms such as Max Life Insurance, Bajaj Allianz Life, SBI General Insurance and HDFC Life ICICI Prudential . Company saw bids that were nearly 40 times higher for the anchor slot of its initial public offering (IPO), with investors like Fidelity, Baillie Gifford, Dragoneer Group, BlackRock and others also participating.
Stead view Capital, Tiger Global and Falcon Edge, the existing investors in PB Fintech(the parent firm of Policybazaar) have also further doubled down on the company through the anchor investment. The investment from insurance companies, who know the company well, is a validation.