According to sources, the company may file a draft red herring prospectus (DRHP) this week for the IPO. It is expected to launch in June.
Navi Technologies IPO: Sachin Bansal-led Navi Technologies is planning to bring its IPO and the draft paper for this may be filed soon. The company wants to raise Rs 4 thousand crore through this IPO. Giving this information on Monday, sources said that the company may file the draft Red Herring Prospectus (DRHP) this week. This IPO is expected to launch in June.
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Issue related details
Under this issue, completely new shares will be issued and there will be no offer for sale (OFS) in it. This means that Bansal, who has so far invested around Rs 4,000 crore in Navi Technologies, is not reducing his stake in the IPO. People associated with the matter said that the company has appointed ICICI Securities, BofA Securities and Axis Capital to manage the IPO.
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Know about the company
Navi Technologies is a technology-driven financial products and services provider co-founded and promoted by Sachin Bansal, co-founder of e-commerce company Flipkart. 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-PTI)
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