{"id":28961,"date":"2022-03-12T14:49:40","date_gmt":"2022-03-12T09:19:40","guid":{"rendered":"https:\/\/tradebrains.in\/features\/biz-ipo-navi-tech\/"},"modified":"2022-03-12T14:49:40","modified_gmt":"2022-03-12T09:19:40","slug":"biz-ipo-navi-tech","status":"publish","type":"post","link":"https:\/\/tradebrains.in\/features\/biz-ipo-navi-tech\/","title":{"rendered":"Sachin Bansal&#8217;s Navi Technologies files draft papers for Rs 3,350-cr IPO"},"content":{"rendered":"<div class=\"trade-content_2\" style=\"margin-left: auto;margin-right: auto;text-align: center;\" id=\"trade-2927314139\"><p><a href=\"https:\/\/tradebrains.in\/get\/telegram\/\"><img decoding=\"async\" class=\"alignnone wp-image-101992\" src=\"https:\/\/tradebrains.in\/features\/wp-content\/uploads\/2023\/01\/telegram-channel-300x119.png\" alt=\"\" width=\"148\" height=\"59\" \/><\/a> <a href=\"https:\/\/news.google.com\/publications\/CAAqBwgKMN3Epgswxc--Aw?hl=en-IN&amp;gl=IN&amp;ceid=IN%3Aen\"><img decoding=\"async\" class=\"alignnone wp-image-123430\" src=\"https:\/\/tradebrains.in\/features\/wp-content\/uploads\/2024\/05\/follow-on-google-news-300x82.png\" alt=\"follow-on-google-news\" width=\"222\" height=\"61\" srcset=\"https:\/\/tradebrains.in\/features\/wp-content\/uploads\/2024\/05\/follow-on-google-news-300x82.png 300w, https:\/\/tradebrains.in\/features\/wp-content\/uploads\/2024\/05\/follow-on-google-news-150x41.png 150w, https:\/\/tradebrains.in\/features\/wp-content\/uploads\/2024\/05\/follow-on-google-news.png 468w\" sizes=\"(max-width: 222px) 100vw, 222px\" \/><\/a><\/p>\n<\/div><p>New Delhi, Mar 12 (PTI) Sachin Bansal-led Navi Technologies has filed preliminary papers with Sebi to raise Rs 3,350 crore through an initial public offering (IPO). \u00a0 \u00a0 \u00a0 The proposed IPO is completely through a fresh issue of equity shares and there will be no offer-for-sale (OFS), according to the draft red herring prospectus (DRHP). \u00a0 \u00a0 \u00a0Flipkart co-founder Bansal, who has invested around Rs 4,000 crore into Navi till date, is not diluting his stake in the IPO. \u00a0 \u00a0 \u00a0 According to people familiar with the matter, the initial share-sale is likely to open in June.\u00a0 \u00a0 \u00a0 \u00a0 \u00a0Going by the draft papers, the company may explore a pre-IPO placement aggregating to Rs 670 crore. If such placement is undertaken, the size of the public issue will be reduced. \u00a0 \u00a0 \u00a0 Proceeds of the IPO will be used to invest in subsidiaries &#8212; Navi Finserv Pvt Ltd (NFPL) and\u00a0Navi General Insurance Ltd (NGIL) &#8212; and for general corporate purposes. \u00a0 \u00a0 \u00a0 After moving out of Flipkart, Bansal &#8211; along with Ankit Agarwal &#8211; founded Navi in 2018. \u00a0 \u00a0 \u00a0 \u00a0Navi Technologies is a tech-driven financial products and services company.\u00a0Since the company&#8217;s incorporation, it has expanded offerings under the &#8220;Navi&#8221; brand to include personal loans, home loans, general insurance and mutual funds. \u00a0 \u00a0 \u00a0 \u00a0It also offers microfinance loans through a wholly-owned subsidiary, under the &#8220;Chaitanya&#8221; brand. \u00a0 \u00a0 \u00a0 \u00a0As per its website, Navi is a digital lending app which provides loans of up to Rs 20 lakh instantly through a completely paperless process.<\/p><div class=\"trade-content_7\" style=\"margin-left: auto;margin-right: auto;text-align: center;\" id=\"trade-658547762\"><!-- Composite Start --> \r\n <div id=\"M923760ScriptRootC1549812\"> \r\n <\/div> \r\n <script src=\"https:\/\/jsc.mgid.com\/t\/r\/tradebrains.in.1549812.js\" async> \r\n <\/script> \r\n <!-- Composite End --><\/div>\n<p> ICICI Securities, BofA Securities and Axis Capital, Credit Suisse Securities (India) Pvt Ltd and Edelweiss Financial Services are the book running lead managers to the public issue. \u00a0 \u00a0 \u00a0To enter the microfinance segment, Navi had acquired Chaitanya India Fin Credit for Rs 739 crore in 2019. Chaitanya had also applied to Reserve Bank of India (RBI) for a universal banking licence. PTI SP  ANU ANU<\/p>\n<div class=\"trade-after-content\" id=\"trade-424711320\"><div id=\"taboola-below-article-thumbnails\"><\/div>\r\n<script type=\"text\/javascript\">\r\n  window._taboola = window._taboola || [];\r\n  _taboola.push({\r\n    mode: 'alternating-thumbnails-a',\r\n    container: 'taboola-below-article-thumbnails',\r\n    placement: 'Below Article Thumbnails',\r\n    target_type: 'mix'\r\n  });\r\n<\/script>\r\n<script type=\"text\/javascript\">\r\n  window._taboola = window._taboola || [];\r\n  _taboola.push({flush: true});\r\n<\/script><\/div>","protected":false},"excerpt":{"rendered":"<p>New Delhi, Mar 12 (PTI) Sachin Bansal-led Navi Technologies has filed preliminary papers with Sebi to raise Rs 3,350 crore through an initial public offering (IPO). \u00a0 \u00a0 \u00a0 The proposed IPO is completely through a fresh issue of equity shares and there will be no offer-for-sale (OFS), according to the draft red herring prospectus [&hellip;]<\/p>\n","protected":false},"author":13,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_et_pb_use_builder":"","_et_pb_old_content":"","_et_gb_content_width":"","footnotes":""},"categories":[1516,31],"tags":[],"class_list":["post-28961","post","type-post","status-publish","format-standard","hentry","category-ipo","category-news"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v20.5 (Yoast SEO v25.0) - 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