Sachin Bansal-led Navi Technologies is planning for Rs 4,000 crore initial public offering (IPO) and the fintech may file its draft prospectus with the markets regulator as soon as this week, news agency PTI reported citing people familiar with the matter.
The IPO, which will completely be a fresh issue of equity according to the PTI report, is likely to open in June.
There will be no offer-for-sale component and Bansal, who has invested around Rs 4,000 crore into Navi till date, is not diluting his stake in the IPO, according to the report.
Bengaluru-based Navi, which was set up in 2018 and turned profitable in 2020-21, passed a special resolution recently to convert the company from private to a public limited entity and rename it to Navi Technologies Limited, a move that will pave the way for the company to float an IPO soon.
Navi Technologies is a tech-driven financial products and services company. It has appointed ICICI Securities, BofA Securities and Axis Capital to manage its public issue.
As per its website, Navi is a digital lending app which provides loans up to Rs 20 lakh instantly through a completely paperless process.
Its lending book is over Rs 3,500 crore right now, which comprises personal loans, home loans, and microfinance loans.
To enter the microfinance segment, Navi earlier acquired Chaitanya India Fin Credit for Rs 739 crore in 2019. Chaitanya had also applied for a universal banking licence from the Reserve Bank of India (RBI).