Shardul Amarchand Mangaldas advises PB Fintech Limited (Policybazaar) on its initial public offering of U.S.$ 766 million

November 27, 2021

Shardul Amarchand Mangaldas & Co. advised PB Fintech Limited (Policybazaar) on its U.S.$ 766 million (approx.) initial public offering. Policybazaar, the flagship platform of PB Fintech Limited, was India’s largest digital insurance marketplace among all online insurance distributors in Fiscal 2020.

The IPO comprised a fresh issue of equity shares and an offer for sale by SVF Python II (Cayman) Limited (Softbank), the founders and other selling shareholders of the issuer company. The equity shares of PB Fintech Limited were listed on the BSE and NSE on November 15, 2021.

The transaction team was led by Prashant Gupta, Partner, National Practice Head – Capital Markets; Ruth Chenchiah, Principal Associate; Sanjeev Chowdhary, Associate; Oindree Bandyopadhyay, Associate; and Rudresh Mandal, Associate.

Cyril Amarchand Mangaldas advised Kotak Mahindra Capital Company Limited, Morgan Stanley India Company Private Limited, Citigroup Global Markets India Private Limited, HDFC Bank Limited, ICICI Securities Limited, IIFL Securities Limited and Jefferies India Private Limited (“Book Running Lead Managers”) on the Indian law aspects. Latham & Watkins LLP and Linklaters Singapore Pte. Ltd. acted as the International legal counsel to PB Fintech Limited and the Book Running Lead Managers, respectively.