Sachin Bansal, the co-founder of Flipkart, has invested in Navi Technologies, and the market regulator Sebi has approved the company’s initial public offering.
The business plans to earn up to Rs 3,350 crore through the Initial Public Offering (IPO), which would include issuing new shares.
The “observation letter” was given to Navi Technologies by Sebi on September 5, according to the most recent information posted on the regulator’s website.
In Sebi lingo, the issuing of an observation letter denotes approval to float an IPO.
The business submitted its Draft Red Herring Prospectus (DRHP) to the regulatory body in March of this year.
The DRHP said that the IPO’s proceeds would be utilised for general corporate objectives as well as investments in the subsidiaries Navi Finserv Pvt Ltd (NFPL) and Navi General Insurance Ltd (NGIL).
In 2018, Bansal and Ankit Agarwal formed Navi Technologies after leaving Flipkart.
A tech-focused provider of financial goods and services, Navi Technologies. Personal loans, house loans, general insurance, and mutual funds are now included in the product lineup offered under the “Navi” name.
The offer’s coordinating Lead Manager is Axis Capital.
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