Navi Technologies led by Sachin Bansal is planning 4,000 crore initial public offering (IPO) and fintechs may file their draft prospectus with the markets regulator as early as this week, news agency PTI reported, citing people familiar with the matter.
According to a PTI report, the IPO will be a fresh issue of equity, which is likely to open in June. There will be no offer-for-sale component and Bansal, who has invested around According to the report, Navi is not reducing its stake in the Rs 4,000 crore IPO so far.
Bengaluru-based Navi, which was incorporated in 2018 and turned profitable in 2020-21, recently passed a special resolution to convert the company from private to a public limited entity and rename it as Navi Technologies Ltd. A step that will pave the way. The company will soon bring an IPO.
Navi Technologies is a technology-driven financial products and services company. It has appointed ICICI Securities, BofA Securities and Axis Capital to manage its public issue.
As per its website, Navi is a digital lending app that offers loans up to 20 lakhs instantly through completely paperless process.
its loan book is exhausted 3,500 crore now, which includes personal loans, home loans and micro finance loans.
To enter the microfinance segment, Navi had earlier acquired Chaitanya India Fin Credit 739 crores in 2019. Chaitanya had also applied for a universal banking license from the Reserve Bank of India (RBI).
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