NAVI Technologies IPO: Company Files DRHP For Rs 3,350 Crore IPO

Flipkart co-founder Sachin Bansal-led tech-driven financial services startup Navi Technologies has filed draft papers with market regulator Securities and Exchange Board of India (SEBI) to raise up to Rs 3,350 crore via an initial public offer (IPO).

According to the draft red herring prospectus (DRHP), the planned IPO would be entirely through a new issue of equity shares, with no offer-for-sale (OFS) .

Sachin Bansal has invested around Rs 4,000 crore into Navi till date, he is not diluting his stake in the IPO.
A pre-IPO placement of up to Rs 670 crores may also be considered by Navi. The amount of the new issuance will be lowered to the extent of the pre-IPO placement if it is done. According to sources, the initial share sale will begin in June.

Proceeds of the IPO will be used to invest in subsidiaries -- Navi General Insurance Ltd (NGIL) and Navi Finserv Pvt Ltd (NFPL) -- and for general corporate purposes.

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

Navi Technologies is a technology-driven financial products and services company startup in India focusing on the digitally connected young middle-class population of the country. Sachin Bansal founded the company in 2018 long with Ankit Agarwal after leaving the Flipkart.

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 micro-finance loans through a wholly-owned subsidiary, under the "Chaitanya" brand.