Flipkart Co-Founder’s New Company Ready For Rs 4000 Cr IPO: Check All Details
People who are familiar with the IPO developments of Sachin Bansal-led Navi Technologies, are saying that the company is planning to file draft prospectus with capital markets regulator SEBI to raise around Rs 4,000 crore through an IPO.
DRHP Filing This Week, IPO Expected In June
They added that the Draft Red Herring Prospectus (DRHP) shall be filed this week and in the month of June, the Initial Public Offering (IPO) is expected to open.
There shall be no offer-for-sale (OFS) component and the public issue will entirely be through fresh issuance of equity shares. Bansal is not diluting his stake in the IPO, in which he has invested around Rs 4,000 crore.
People who are close to the development revealed that the ICICI Securities, BofA Securities and Axis Capital have been appointed by the firm to manage its public issue.
Navi Technologies is a tech-driven financial products and services company which was Co-founded and is promoted by serial entrepreneur and Flipkart’s Co-Founder Bansal.
Company Provides An Instant Loan upto Rs 20 Lakh
Navi, as per its website, is a digital lending app which provides loans up to Rs 20 lakh instantly through a completely paperless process.
The lending book of Navi, which comprises of personal loans, home loans, and microfinance loans, is over Rs 3,500 crore as of today. In 2019, Navi earlier acquired Chaitanya India Fin Credit for Rs 739 crore in order to enter the microfinance segment. Chaitanya had also applied for a universal banking licence from the Reserve Bank of India (RBI).