Former Flipkart co-founder Sachin Bansal’s fintech company Navi Technologies has received approval from the Securities, and Exchange Board of India (SEBI) to make a debut on the stock market.
The fintech company, which offers financial services, has got the green signal to raise Rs 3,350 crore through a fresh issue of equity shares. The company has proposed to utilise a portion of its net proceeds for investment in its subsidiaries including Navi Finserv Private Limited and Navi General Insurance Limited.
Additionally, ICICI Securities, BofA Securities and Axis Capital, Credit Suisse Securities (India) Pvt Ltd, and Edelweiss Financial Services are the book-running lead managers of the public issue.
In February this year, in a bid to prepare for the stock market, the Bengaluru-based company converted itself into a public entity from a private one through a special resolution.
Navi Technologies was founded by Sachin Bansal and Ankit Agarwal, following the former’s departure from e-commerce giant Flipkart after the much publicised buyout by American retail giant, Walmart.
Navi offers a host of financial solutions such as home loans, insurance, mutual funds, etc. It also forayed into the personal loans category in April 2020 which extend up to Rs 20 lakh through an entirely digital Navi App-only process.
Formerly known as BACQ, Navi acquired a majority stake in Chaitanya Rural Intermediation Development Services (CRIDS) through which it started disbursing microfinance loans as well.
Navi Technologies refused to comment on the timeline for its stock market debut.
Also Read: Decoding Sachin Bansal’s Navi Technologies
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