Latest News | Sachin Bansal's Navi Technologies Plans to File Papers for Rs 4,000-cr IPO

New Delhi, Mar 7 (PTI) Sachin Bansal-led Navi Technologies is planning to file draft prospectus with capital markets regulator Sebi to raise around Rs 4,000 crore through an IPO, people familiar with the development said on Monday.

The company is expected to file its Draft Red Herring Prospectus (DRHP) this week and the Initial Public Offering (IPO) is expected to open in June, they added.

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The public issue will entirely be through fresh issuance of equity shares and there will not be any offer-for-sale (OFS) component. Bansal, who has invested around Rs 4,000 crore into Navi till date, is not diluting his stake in the IPO.

The company has appointed ICICI Securities, BofA Securities and Axis Capital to manage its public issue, people close to the development said.

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Co-founded and promoted by serial entrepreneur and Flipkart's Co-Founder Bansal, Navi Technologies is a tech-driven financial products and services company.

As per its website, Navi is a digital lending app which provides loans up to Rs 20 lakh instantly through a completely paperless process.

Its lending book is over Rs 3,500 crore right now, which comprises personal loans, home loans, and microfinance loans.

To enter the microfinance segment, Navi earlier acquired Chaitanya India Fin Credit for Rs 739 crore in 2019. Chaitanya had also applied for a universal banking licence from the Reserve Bank of India (RBI).

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)