Online insurance platform Policybazaar planning $500m IPO

It is seeking a listing before end-2021.

Online insurance platform Policybazaar is planning to file a draft prospectus for its Mumbai IPO, that could raise $500m, reports Bloomberg.

The SoftBank-backed platform is seeking a listing before the end of 2021, sources said. An offering, which could value Policybazaar at more than $3.5b, would involve new stocks and secondary shares from existing shareholders.

Deliberations are ongoing and details such as size and timing could still change, sources added.

Policybazaar, which also counts Tiger Global management and Temasek amongst its backers, could rank among the first of India’s mega startups to go public this year.

Here’s more from Bloomberg.