For Quick Alerts
ALLOW NOTIFICATIONS  
For Daily Alerts

NAVI IPO: Company Might File For Rs 4000 Cr IPO This Week

|

Sachin Bansal-led Navi Technologies intends to file a draught prospectus with capital markets regulator SEBI in order to raise roughly Rs 4,000 crore through an IPO.

 

The public offering will be conducted exclusively through the issuing of new equity shares, with no offer-for-sale (OFS) component. Bansal, who has spent over Rs 4,000 crore in Navi so far, is not reducing his share in the IPO.

NAVI IPO: Company Might File For Rs 4000 Cr IPO This Week

According to existing plans, the business intends to undertake its initial public offering (IPO) in June. Bansal, who founded Flipkart in 2007 and left the company following the Walmart acquisition in 2018, owns 97 percent of Navi. The public offering will be fully made up of new shares, with no offer-for-sale (OFS) component.

This implies Bansal will not sell shares to investors in the planned IPO, according to people briefed on the situation. Ankit Agarwal, Navi's cofounder and chief financial officer, and Paresh Sukhtankar, a former deputy managing director at HDFC Bank, both have holdings in the Bengaluru-based startup. Sukhtankar is also a Navi board observer.

Bansal, who has personally invested Rs 4,000 crore in Navi, is anticipated to maintain majority control of the company even after the IPO.

 

While Navi intends to generate Rs 4,000 crore through the IPO, it also intends to raise at least double that amount from public debt later this year. It intends to utilize the funds to support its aggressive expansion goals, which include amassing a loan book worth Rs 20,000 crore over the next two years. According to reports, the corporation intends to raise up to Rs 15,000 crore in debt from the public markets over the next two years.

ICICI Securities, BofA Securities, and Axis Capital have been recruited to oversee the company's public offering.

Read more about: navi ipo initial public offering
Story first published: Tuesday, March 8, 2022, 9:39 [IST]
Company Search
Get Instant News Updates
Enable
x
Notification Settings X
Time Settings
Done
Clear Notification X
Do you want to clear all the notifications from your inbox?
Settings X