Sachin Bansal-led Navi Technologies gets SEBI approval for Rs 3,350 crore IPO

The Initial Public Offering (IPO) of Navi Technologies Limited has been given approval by the Securities and Exchange Board of India (SEBI). The fintech company, headed by Sachin Bansal, had filed its draft red herring prospectus for its Rs 3,350 crore public issue in March this year. According to the DRHP, the proceeds of the public issue will be utilised for investment into its subsidiaries Navi Finserv Pvt Ltd ) (Rs 2,370 crore) and Navi General Insurance Ltd (Rs 150 crore) as well as for general corporate purposes. Navi Technologies has received an observation letter from SEBI in response to its DRHP. The public issue of Navi Technologies will consist of fresh issue of shares worth Rs 3,350 crore. There will be no offer for sale by promoter Sachin Bansal, who owns 97.77 percent of the shares. Furthermore, Navi Technologies is planning to hold a pre-IPO placement of Rs 676 crore, to reduce the size of the public issue, according to an addendum filed before SEBI. As per the DRHP, the shares have a face value of Rs 100. Furthermore, the book running lead managers are Axis Capital Limited, Credit Suisse Securities (India) Private Limited, ICICI Securities Limited, BoFA Securities India Limited and Edelweiss Financial Services Limited. The registrar of the Navi Technologies IPO is Link Intime India Private Limited. Impact: The announcement by SEBI comes at a crucial time for the company. Navi Technologies was one of the six entities whose application for universal banking license had been rejected by the Reserve Bank of India. The fintech company was founded by Sachin Bansal and Ankit Agrawal after they moved out of Flipkart. Since its establishment in 2018, Navi Technologies has offered a variety of financial services including home loans, personal loans, mutual funds and general insurance. Through its subsidiary Chaitanya India Fin Credit, the company has also ventured into micro financing. According to the website of the company, the digital lender has served 1.5 lakh customers through Navi Finserv, its non-banking financial company. Read all the Latest News , Trending News ,  Cricket News , Bollywood News , India News and Entertainment News here. Follow us on Facebook, Twitter and Instagram.