IPOs: Three insurance-related firms to raise Rs 10,000 cr through IPOs

Mumbai: Including extra fireplace to the already-frenzied IPO market, three insurance coverage sector firms are getting into the first market with preliminary public choices in coming months to mop up over Rs 10,000 crore. These firms are – PB Fintech, which runs the insurance coverage brokerage Policybazaar; standalone well being insurer Star Well being & Allied Insurance coverage Firm; and third-party administrator Medi Help Healthcare Service. They’ve already filed their draft prospectus with markets regulator Sebi.

Already over 40 firms have hit the IPO market thus far this 12 months, elevating near Rs 70,000 crore.

August alone noticed 4 listings, and the fifth one (Nuvoco Vistas Corp, which raised Rs 5,000 crore) is slated for Monday and as many as 24 extra have filed their IPO papers thus far this month, searching for to mop up over Rs 4,000 crore.

Funding bankers expect greater than 100 points this 12 months, making it the all time for the IPOs.

PB Fintech, the mum or dad firm of on-line insurance coverage distributor Policybazaar, is trying to elevate Rs 6,017 crore, which is able to make it the second-biggest concern thus far this 12 months after the Rs 9,375-crore Zomato concern final month. PB Fintech is backed by Tiger International and Tencent Holdings.

Star Well being, the biggest standalone personal well being insurer, is planning to boost Rs 3,000 crore; whereas Medi Help, which is the biggest third-party administrator, is lining up a Rs 840-1,000 crore concern, in keeping with their draft crimson herring prospectus (DRHP) filed with the market watchdog.

Whereas PB Fintech has filed the DRHP on August 4 (a day when 4 firms launched their IPOs), and Star Well being did so on July 28 and Medi Help on Might 11.

Star Well being, backed by billionaire Rakesh Jhunjhunwala and Westbridge Capital, is the biggest standalone personal well being insurer with a market share of 15.8 per cent within the medical health insurance market within the monetary 12 months 2021.

Its public providing will encompass a contemporary concern of shares aggregating Rs 2,000 crore and an offer-for-sale (OFS) of 60.1 million shares by shareholders.

Safecrop Investments India is trying to offload 30.68 million shares, adopted by Apis Progress, which is trying to promote 7.68 million shares. Different traders such because the College of Notre Dame, Mio Star, Roc Capital, Sai Satish, Venkatasamy Jagannathan, Konark Belief, Bejris Minoo Desai, and MMPL Belief are additionally promoting shares by means of the OFS.

PB Fintech addresses the massive and extremely underpenetrated on-line insurance coverage and lending markets within the nation by means of its Policybazaar and on-line lending platform Paisabazaar, the biggest digital insurance coverage market with a 93.4 per cent market share based mostly on the variety of insurance policies bought. Within the monetary 12 months 2020, 65.3 per cent of all digital insurance coverage gross sales by quantity was transacted by means of the Policybazaar platform.

Its Rs 6,017.5-crore public concern includes a contemporary concern of Rs 3,750 crore and an offer-for-sale of Rs 2,267.5 crore by current promoting shareholders. The OFS consists of sale by investor SVF Python II (Cayman) for Rs 1,875 crore, and Rs 392.5 crore price of shares by different shareholders.

Medi Help is the nation’s largest third-party insurance coverage administrator by way of income and premium serviced. It operates a pan-India community comprising over 11,000 hospitals throughout 722 cities and cities.

Medi Help has been the most well-liked third-party administrator (TPA) for many massive hospital chains reminiscent of Apollo Hospitals, Manipal Hospital, Fortis Healthcare, Narayana Hrudayalaya and Max Healthcare, amongst others.

Its IPO consists solely of OFS of two,539,092 shares by Vikram Jit Singh Chatwal, Medimatter Well being Administration, Bessemer Well being Capital LLC, and Investcorp Personal Fairness Fund I. The supply constitutes 40.70 per cent of the post-offer paid-up fairness share capital of the corporate.