July 6, 2022

Sachin Bansal-led Navi Applied sciences has filed initial papers with Sebi to lift Rs 3,350 crore via an preliminary public providing (IPO). The proposed IPO is totally via a recent factor of fairness stocks and there can be no offer-for-sale (OFS), in step with the draft purple herring prospectus (DRHP).

Flipkart Co-Founder Bansal, who has invested round Rs 4,000 crore into Navi until date, isn’t diluting his stake within the IPO.

Consistent with other folks accustomed to the topic, the preliminary share-sale is prone to open in June. Going via the draft papers, the corporate would possibly discover a pre-IPO placement aggregating to Rs 670 crore.

If such placement is undertaken, the dimensions of the general public factor can be decreased. Proceeds of the IPO can be used to put money into subsidiaries — Navi Finserv Pvt Ltd (NFPL) and Navi Basic Insurance coverage Ltd (NGIL) — and for basic company functions.

After transferring out of Flipkart, Bansal – together with Ankit Agarwal – based Navi Applied sciences in 2018.

Navi Applied sciences is a tech-driven monetary services and products corporate. For the reason that corporate’s incorporation, it has expanded choices beneath the ”Navi” logo to incorporate non-public loans, house loans, basic insurance coverage and mutual price range.

It additionally provides microfinance loans via a wholly-owned subsidiary, beneath the ”Chaitanya” logo. As according to its site, Navi Applied sciences is a virtual lending app which gives loans of as much as Rs 20 lakh immediately via an absolutely paperless procedure.

ICICI Securities, BofA Securities and Axis Capital, Credit score Suisse Securities (India) Pvt Ltd and Edelweiss Monetary Products and services are the e-book operating lead managers to the general public factor.

See also  Sebi comes out with clarifications on transactions in mutual finances devices

To go into the microfinance section, Navi Applied sciences had got Chaitanya India Fin Credit score for Rs 739 crore in 2019. Chaitanya had additionally implemented to Reserve Financial institution of India (RBI) for a common banking licence.

(With PTI inputs)

(To obtain our E-paper on whatsapp day-to-day, please click on right here. We allow sharing of the paper’s PDF on WhatsApp and different social media platforms.)

Printed on: Saturday, March 12, 2022, 04:30 PM IST