Flipkart co-founder Sachin Bansal-led fintech company has filed its Draft Red Herring Prospectus (DRHP) with the Securities and Exchange Board of India (SEBI) to raise Rs 3,350 crore from the public markets in a fresh issue of shares.
YourStory had reported the development earlier this week.
The Bengaluru-based company will consider a pre-IPO placement of Rs 670 crore and reduce the size of the fresh issue of equity shares accordingly.
Sachin Bansal, who has invested nearly Rs 4,000 crore in Navi to date, will not dilute his stakes in the company during the IPO.
In the DRHP, Navi Technologies said it will invest Rs 2,370 crore from the capital raised in its subsidiary Navi Finserv Private Limited (NFPL) and Rs 1,500 crore in Navi General Insurance Limited (NGIL).
For FY2021, Navi’s total income grew to Rs 779.1 crore from Rs 199 crore in FY2020. The company’s revenue from contracts with customers stood at Rs 136.6 crore in FY2021, compared to Rs 55.98 crore in FY2020. Navi also reported a profit of Rs 71.2 crore for FY2021 against a loss of Rs 8.07 crore in the previous fiscal.
Navi has appointed ICICI Securities, BofA Securities, Axis Capital, Credit Suisse Securities (India), and Edelweiss Financial Services as the book running lead managers for the public issue.
Founded in 2018 by Sachin Bansal and Ankit Agarwal, Navi Technologies offers tech-backed financial products and services, including personal loans, home loans, general insurance, and mutual funds. It also offers microfinance loans through its subsidiary Chaitanya India Fin Credit, which it acquired in 2019 for Rs 739 crore.
Navi's investors include Gaja Capital, IFC, and HDFC Bank veteran Paresh Sukthankar.
Edited by Suman Singh