New Delhi: Markets regulator Sebi has given its approval for the initial public offering of Navi Technologies, which has investments from Flipkart co-founder Sachin Bansal.


COMMERCIAL BREAK
SCROLL TO CONTINUE READING

Through the Initial Public Offering (IPO), which will be fresh issue of shares, the company aims to raise up to Rs 3,350 crore. (Also Read: Public Provident Fund: Invest Rs 100 per day in PPF, get Rs 25 lakh at the time of retirement; Check details here)


Navi Technologies was issued the "observation letter" by Sebi on September 5, according to the latest update on the regulator's website. (Also Read: LIC Saral Pension Yojana: Pay single premium, get every month Rs 50,000 for a lifetime)


In Sebi's parlance, issuance of observation letter implies its go-ahead to float an IPO.


The company had filed its Draft Red Herring Prospectus (DRHP) with the regulator in March this year.


As per the DRHP, the proceeds from the IPO will be used to invest in subsidiaries -- Navi Finserv Pvt Ltd (NFPL) and Navi General Insurance Ltd (NGIL) -- and for general corporate purposes.


After moving out of Flipkart, Bansal along with Ankit Agarwal founded Navi Technologies in 2018.


Navi Technologies is a tech-driven financial products and services company. It has expanded offerings under the 'Navi' brand to include personal loans, home loans, general insurance and mutual funds.


Axis Capital is the coordinating Lead Manager for the offer.