The investment banks overseeing the share sale include ICICI Securities, BofA, and Axis Capital.
An initial public offering (IPO) is being planned by Navi Technologies to earn Rs 4,000 crore in new capital (IPO). According to sources close to the company, the draught red herring prospectus would be filed with market regulator Sebi this week.
The share sale is being handled by ICICI Securities, BofA, and Axis Capital, among others. Business Standard inquired about the company’s IPO intentions, but it received no response. Sachin Bansal, a co-founder of Flipkart, is a Navi Tech investor and promoter.
According to sources, the IPO may go public in the first quarter of the following fiscal year. The money will go toward the company’s expansion.
Navi Tech is a financial products and services company that is focused on technology. Personal loans, home loans, general insurance, and mutual funds are among its main services (MFs).
Navi Technologies, helmed by Sachin Bansal, has filed a DRHP for a Rs 4,000 crore IPO. soon. With its digital-first approach, the company, which was founded in 2018, has attempted to disrupt the industries in which it operates. In the MF industry, for example, it has created exchange-traded funds (ETFs) with the lowest fee structure. In terms of personal loans, it offers loans of up to Rs 20 lakh in an entirely paperless approach.
Bansal has invested roughly Rs 4,000 crore in the company thus far.
Navi entered the microfinance industry in 2019 when it purchased Chaitanya India Fin Credit for Rs 739 crore. Chaitanya had also applied to the Reserve Bank of India for a universal banking licence (RBI). The loan book of Navi is over Rs 3,500 crore.
In 2021, Navi MF purchased Essel MF’s assets. As of the December quarter, Navi MF had assets of Rs 930 crore, according to data from the Association of Mutual Funds in India (Amfi).
With a total income of Rs 780 crore and an expenditure of Rs 673 crore, the company turned profitable in FY21, earning a consolidated profit of Rs 71 crore.