Navi Technologies to file for Rs 4,000-crore IPO soon
By MYBRANDBOOK
Sachin Bansal's Navi Technologies is set to file its draft papers with the markets regulator for a Rs 4,000-crore initial public offering later this week. According to the current plans, the company plans to launch its IPO in June.
The public issue will be entirely through an issuance of new shares, with no offer-for-sale component, implying that Bansal will not sell shares to investors in the planned IPO. Navi is said to have around three million monthly active users, and disbursed personal loans to the tune of Rs 500 crore last month.
Bansal has invested Rs 4,000 crore of his own capital in Navi and is likely to retain majority control in the firm even after the IPO. Besides him, Ankit Agarwal, Co-Founder and Chief Financial Officer at Navi, and Paresh Sukhtankar, Former Deputy Managing Director at HDFC Bank, hold stakes in the Bengaluru-based firm.
The IPO is expected to help Navi in supporting its growth in personal loans, microfinancing, in addition to its mutual fund business. Further, Navi is said to use the money to fuel its growth plans which include building a loan book of Rs 20,000 crore in the next two years and in the same period, raising about Rs 15,000 crore as debt from the public markets.
Navi is tapping the public markets to feed its fast-growing businesses in person in personal loans and microfinancing (Chaitanya Credit), besides its own mutual fund business.
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