March 12, 2022

Sachin Bansal led financial services company Navi Technologies filed the Draft Red Herring Prospectus to raise Rs 3,350 crore from the public markets with SEBI today.

The company, which started out as a lending business in 2018 and has a presence in insurance, asset management, and microfinance, will issue fresh equity shares as part of its IPO. The company will invest Rs 2,370 crore of the proceeds into its lending business, Navi Finserv Private Limited (NFPL) and Rs 1,500 crore in its insurance subsidiary, Navi General Insurance Limited (NGIL), it said in the DRHP.

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.

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