Indian insurance and loans marketplace Policybazaar is worth 42 times sales on a mooted $5 bln IPO valuation. Its leading digital market position and blistering growth justify the high multiple, says ugalani
Rivals with stronger distribution networks are entering the Indian market. Paytm, another SoftBank-backed company queued to list at an even higher implied valuation, acts as an insurance marketplace and will soon be able to write policies too. It has 333 million users and 21 million merchants on its financial super-app which offers payments, wealth management and more, compared to Policybazaar’s 48 million registered users. Even so, Policybazaar is keeping a lid on costs while it boosts revenue.
- The insurance and loans marketplace may also target a pre-IPO placement of shares and will cut the offer size if it goes ahead.- Kotak Investment Banking and Morgan Stanley are joint global co-ordinators and book-running lead managers on the deal.Reuters Breakingviews is the world's leading source of agenda-setting financial insight. As the Reuters brand for financial commentary, we dissect the big business and economic stories as they break around the world every day.
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