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The IPO preparations come as InsuranceDekho continues to work on its merger with insurance distribution platform RenewBuy.
The Pune-headquartered company aims to raise Rs 750 crore through a fresh issue of shares.
The company has fixed the price band at Rs 144-152 per share for the issue.
Kissht has cut the fresh issue component from Rs 1,000 crore to Rs 850 crore, while OFS portion has also been reduced from 8.8 million shares to 4.4 million shares.
The IPO comprises of fresh issue of shares worth up to Rs 1,500 crore, and an offer for sale (OFS) worth up to Rs 1,500 crore.
The public offer comprises of fresh issue of shares of Rs 1,500 crore and an offer for sale (OFS) of 136 million shares.
The IPO will open for bidding on February 9 and close on February 11. The anchor bidding will take place on February 8.
The market regulator's nod for PhonePe's IPO comes in the wake of a slew of public offers by new age tech companies in India in the past months.
The IPO is expected to be a complete offer for sale (OFS).
The public issue comprises a fresh share issuance worth Rs 1,020 crore and an offer for sale (OFS) of around Rs 5,000 crore by existing shareholders.
