New Delhi: Markets regulator SEBI has given its nod for the initial public offering of Navi Technologies, with investment from Flipkart co-founder Sachin Bansal.
Through the initial public offering (IPO), which will be a fresh issue of shares, the company aims to raise up to Rs 3,350 crore. ,Also read: Public Provident Fund: Rs 100 per day in PPF, get Rs 25 lakh at the time of retirement; see details here,
According to the latest update on the regulator’s website, an “observation paper” was issued by SEBI to Navi Technologies on September 5. ,Also read: LIC Saral Pension Plan: Pay Single Premium, Get Rs 50,000 Every Month For Life,
In the parlance of SEBI, issuance of observation letter means proceeding to bring IPO.
The company had filed its draft red herring prospectus (DRHP) with the regulator in March this year.
According to DRHP, the proceeds from the IPO will be used to invest in subsidiaries – Navi Finserve Private Limited (NFPL) and Navi General Insurance Limited (NGIL) and for general corporate purposes.
Following his exit from Flipkart, Bansal co-founded Navi Technologies with Ankit Agarwal in 2018.
Navi Technologies is a technology-driven financial products and services company. It has expanded offerings under the ‘Navi’ brand to include personal loans, home loans, general insurance and mutual funds.
Axis Capital is the Coordinating Lead Manager for the offer.