Home / Companies / News /  Sachin Bansal's Navi Tech files draft papers for 3,350 cr IPO
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Sachin Bansal-led Navi Technologies has filed draft papers for an initial public offering (IPO) with Sebi. The IPO comprises of fresh equity issue of up to 3,350 crore, according to the draft offer document.

Sachin Bansal's Navi Technologies is a technology-driven financial products and services company in India focusing on the digitally connected young middle-class population of India.

Flipkart co-founder Bansal, who has invested around 4,000 crore into Navi till date, is not diluting his stake in the IPO.

Navi may also consider a pre-IPO placement up to 670 crore. If the pre-IPO placement is undertaken, the size of the fresh issue will be reduced to the extent of placement.

The initial share-sale is likely to open in June, news agency PTI reported.

Proceeds of the IPO will be used to invest in subsidiaries -- Navi Finserv Pvt Ltd (NFPL) and Navi General Insurance Ltd (NGIL) -- and for general corporate purposes. After moving out of Flipkart, Bansal - along with Ankit Agarwal - founded Navi in 2018.

ICICI Securities, BofA, Axis Capital, Credit Suisse Securities (India) and Edelweiss Financial Services are the Book Running lead managers to the IPO.

Since the company's incorporation, it has expanded offerings under the "Navi" brand to include personal loans, home loans, general insurance and mutual funds. It also offers microfinance loans through a wholly-owned subsidiary, under the "Chaitanya" brand. As per its website, Navi is a digital lending app which provides loans of up to 20 lakh instantly through a completely paperless process.

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