Navi Tech IPO: Flipkart co-founder Sachin Bansal’s company Navi Tech is about to bring an IPO of Rs 3350 crore.
Navi Tech IPO: Flipkart co-founder Sachin Bansal’s company Navi Technologies is getting ready to bring an IPO of Rs 3350 crore. The company has filed a draft with the market regulator SEBI. According to the draft red herring prospectus filed with SEBI, only new shares will be issued under this IPO, that is, not a single share will be sold through Offer for Sale (OFS). Flipkart co-founder Bansal has invested around Rs 4,000 crore in Navi Tech and will not reduce his stake through IPO.
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Size of IPO may decrease
A person familiar with the matter has informed that the IPO of Navi Tech may open in June. According to the papers filed with SEBI, the company can also do a pre-IPO placement of Rs 670 crore. If the company exercises this option, then the size of the IPO may decrease. The company will invest the money raised through the IPO in subsidiaries Navi Finserve and Navi General Insurance. Apart from this, it will also be used for general corporate purposes. ICICI Securities, BofA Securities, Axis Capital, Credit Suisse Securities (India) and Edelweiss Financial Services are the book running lead managers to the issue.
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Know about the company
After leaving the giant e-commerce company Flipkart, its co-founder Sachin Bansal along with Ankit Agarwal started Navi Tech in the year 2018. It is a technology driven financial products and service provider company. According to the company’s website, Navi is a digital lending app through which one can avail instant loans up to Rs 20 lakh in a completely paperless process. To enter the microfinance segment, Navi had earlier acquired Chaitanya India Fin Credit in 2019 for Rs 739 crore. Chaitanya had also applied for a Universal Banking License from the Reserve Bank of India (RBI).
(Input: news agency PTI)
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