Sachin Bansal's Navi Tech gets nod for Rs. 3,350-Cr IPO
DECCAN CHRONICLE | RAVI RANJAN PRASAD
Mumbai: Sachin Bansal-led Navi Technologies has received Sebi go ahead to raise Rs 3350 crore through an initial public offering from the primary market.
Bansal is better known as the co-founder of Flipkart, which was later on acquired by US retailer Walmart in a multi-billion dollar deal.
After moving out of Flipkart, Bansal along with Ankit Agarwal founded Navi Techno-logies in 2018.
Navi Technologies is a tech-driven financial products and services company. It has offerings like home loans, personal loans and mutual funds, among others, under the Navi brand. It also offers microfinance.
The proposed IPO is made through fresh issue of shares. The company proposes to use a portion of its net proceeds in its subsidiaries, Navi Finserv Private Ltd and Navi Gen-eral Insurance Limited.
ICICI Securities, Bank of America, Axis Capital, Credit Suisse and Edel-weiss Financial Services are the book running lead managers for the IPO.