Markets regulator Sebi has given its approval for the initial public offering of Navi Technologies, which has investments from Flipkart co-founder Sachin Bansal.
Through the Initial Public Offering (IPO), which will be fresh issue of shares, the company aims to raise up to Rs 3,350 crore. Navi Technologies was issued the “observation letter” by Sebi on September 5, according to the latest update on the regulator’s website. In Sebi’s parlance, issuance of observation letter implies its go-ahead to float an IPO. The company had filed its Draft Red Herring Prospectus (DRHP) with the regulator in March this year.
As per the DRHP, the proceeds from the IPO will be used to invest in subsidiaries — Navi Finserv Pvt Ltd (NFPL) and Navi General Insurance Ltd (NGIL) — and for general corporate purposes. After moving out of Flipkart, Bansal along with Ankit Agarwal founded Navi Technologies in 2018.
Navi Technologies is a tech-driven financial products and services company. It has expanded offerings under the ‘Navi’ brand to include personal loans, home loans, general insurance and mutual funds. Axis Capital is the coordinating Lead Manager for the offer.