Latham & Watkins advised PB Fintech Limited on its Initial Public Offering (IPO) on the National Stock Exchange of India Limited (NSE) and BSE Limited (formerly the Bombay Stock Exchange). The Company owns and operates one of India’s largest online insurance marketplace, Policybazaar, as well as online consumer credit marketplace, Paisabazaar.
The offering raised a total of INR 57,097.15 million (approx. US$770 million). The offering was oversubscribed 16.6 times with shares listing at a premium of 17.35% from the offer price.
Kotak Mahindra Capital Company Limited and Morgan Stanley India Company Private Limited were the Joint Global Co-ordinators and Book Running Lead Managers, and Citigroup Global Markets India Private Limited, HDFC Bank Limited, ICICI Securities Limited, IIFL Securities Limited and Jefferies India Private Limited were the Book Running Lead Managers.
The deal team was led by Singapore partner Rajiv Gupta with associate Sabrina Singh. Advice on tax matters was provided by New York partner Jiyeon Lee-Lim and Chicago partner Rene de Vera, with New York associate Sam Yang. Chicago partner Nabil Sabki with associate John Reinert also advised on the transaction.
About PB Fintech Limited
PB Fintech Limited owns Policybazaar and Paisabazaar, which are India’s largest online platforms for insurance and lending products respectively. According to Frost & Sullivan, 65.3% of all digital insurance sales in India by volume were transacted through the Policybazaar platform. In 2020 Paisabazaar was also India’s largest digital consumer credit marketplace with a 51.4% market share, based on disbursals.
About Latham’s India Practice
With over 20 years of experience advising on Indian debt and equity capital markets transactions, Latham has one of the largest and most active India practices among international law firms. The multi-award winning practice comprises more than 50 lawyers globally, and the team have advised on India-related matters with a combined value in excess of US$90 billion since 2018.