Paytm IPO to open on 8 November

PolicyBazaar parent’s IPO to open on Monday, Acko: the 34th Indian unicorn, Funding Deals & more.

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Paytm to launch Rs 18,300-crore IPO on November 8

The big one is here—almost. One97 Communications, Paytm’s parent company, is looking to launch its initial public offering (IPO) on Monday, November 8, with a price band of Rs 2,080 to Rs 2,150 a share. The Paytm IPO is expected to close on November 10.

paytm ipo

Having earlier targeted Rs 16,600 crore, Paytm is now expected to mop up around Rs 18,300 crore from the issue after it sought to increase the secondary share sale component to Rs 10,000 crore earlier this week. The primary capital raise component would remain unchanged at Rs 8,300 crore.

The company is targeting a valuation of $20 billion, slightly lower than the $22 billion it wanted, the sources added. Still, it will be the biggest IPO ever in India, surpassing the Rs 15,000 crore that Coal India raised almost a decade ago.

PolicyBazaar parent’s IPO to open on November 1📊

The initial public offering (IPO) of PB Fintech, the parent company of PolicyBazaar, will open on November 1 and close on November 3, according to an exchange notification on Bombay Stock Exchange on Tuesday.

The price band for the issue has been set between Rs 940 and Rs 980 a share. Investment banks such as Kotak Securities, Morgan Stanley, Citigroup Global Markets, ICICI Securities, HDFC Bank, IIFL Securities and Jefferies are set to be the book running lead managers of the issue.

pb fintech ipo

PB Fintech, which is also the parent entity of Paisabazaar, had filed a draft red herring prospectus (DRHP) with the Securities and Exchange Bureau of India (Sebi) in August to raise Rs 6,017 crore ($809 million) through an IPO.

The Gurugram-based firm is one of many Indian startups, including Zomato, Paytm, Mobikwik, Nykaa and CarTrade, that have or are set to debut on Indian stock exchanges this year.

Hot Shorts⚡

  • Agritech startup DeHaat has raised $115 million in Series D funding, led by Belgium-based investment firm Sofina and Lightrock India. Temasek co-invested in the round, with participation from existing investors Prosus, RTP Global, Sequoia Capital India and FMO.
  • D2C baby products brand R for Rabbit has bagged Rs 40 crore from private equity firm Xponentia Capital Partners. The fresh capital will be used to strengthen the brand, scale distribution and operations in the domestic market.
  • Artificial intelligence-driven content intelligence platform Instoried has raised $8 million in funding from Pritt Investment Partners and 9Unicorns with participation from Mumbai Angels, Venture Catalysts Angel Fund, SOSV and a few HNIs.
  • Tech infrastructure platform Hypto has raised $3 million in seed funding led by Stellaris Venture Partners.
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Acko  turns unicorn after $255  million fundraising round

Acko became India’s latest unicorn after the digital insurer raised $255 million at a valuation of $1.1 billion in a fundraising round led by private equity firms General Atlantic and Multiples Private Equity.

The round makes Acko the 34th start-up to enter India’s growing list of unicorns (start-ups valued at $1 billion or more), and the second insurtech start-up to do so in 2021.

Acko founder and chief executive Varun Dua.
Acko founder and chief executive Varun Dua

The five-year-old startup plans to use the capital to grow its auto insurance vertical besides micro-insurance products across travel, gadgets and appliances, which together contribute nearly 80% of its total premiums, according to the company. It will also invest in growing its year-old health insurance vertical, which contributes nearly 20% of its total premiums.

With the latest infusion, Acko has raised a total of about $450 million.

Tweet of the day🐥

👻 Snap hits 100 million monthly users in India, plans to double down on commerce

⏩ Zerodha‘s Nithin Kamath on what youngsters can learn from today’s IPOs

“Instead of worrying about what you cannot control, shift your energy to what you can create.”

– Roy Bennett

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