Navi Technologies, the fintech venture spearheaded by Flipkart co-founder Sachin Bansal, is reportedly reactivating its plans for an Initial Public Offering (IPO) in India. The company is looking to secure approximately Rs 3,000 crore (around $315 million) through a primary share sale, targeting a market valuation of up to $2 billion.
Navi IPO Details Emerge
Sources familiar with the matter indicate that Navi has engaged prominent financial institutions, including JM Financial, Kotak Mahindra Capital, Goldman Sachs Group, and JP Morgan, as advisors for the upcoming offering. The proposed IPO is expected to feature solely a primary issuance of shares, meaning no existing shareholders will be selling their stakes in this round.
Navi aims to file its draft prospectus with regulators by December, although discussions regarding the precise size, valuation, and timing of the IPO are still ongoing and subject to change.
Previous IPO Attempt and Market Context
This is not Navi's first foray into the public markets. The company had previously filed a draft prospectus in March 2022 to raise up to Rs 3,350 crore, receiving regulatory approval in September of the same year. However, the offering was subsequently deferred due to challenging investor sentiment amid prevailing domestic and global economic headwinds.
Navi's renewed efforts come as India's financial services sector sees increased activity in the IPO space. Several other Indian financial firms, such as Muthoot Fincorp, Truhome Finance, InCred Holdings, Moneyview, and Hero FinCorp, are also reportedly preparing to tap the equity markets in the coming months.
About Navi Technologies
Founded by Sachin Bansal in 2018 after his departure from Flipkart following its acquisition by Walmart Inc., Navi has diversified its operations across various financial services. Its portfolio includes lending solutions, mutual funds, health insurance products, and UPI payments. The company's expansion into multiple segments underscores its ambition to become a comprehensive financial services provider in the Indian market.