Now Reading: Sachin Bansal’s Navi plans Rs 3,000 crore IPO by December
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Sachin Bansal’s Navi plans Rs 3,000 crore IPO by December
Navi, Sachin Bansal's fintech firm, is reportedly planning to file for a Rs 3,000 crore IPO by December this year, according to a Bloomberg report cited by Business Today and Inc42. The…
The Story in Brief
Navi, Sachin Bansal's fintech firm, is reportedly planning to file for a Rs 3,000 crore IPO by December this year, according to a Bloomberg report cited by Business Today and Inc42. The proposed offering is said to be a fresh issue of shares with no offer-for-sale component, targeting a valuation of up to $2 billion. Navi has appointed JM Financial, Kotak Mahindra Capital, Goldman Sachs and JPMorgan as advisers, though the company declined to confirm the plans, calling the reports speculative. Navi had earlier filed a draft prospectus in March 2022 for Rs 3,350 crore and received regulatory approval, but deferred the listing amid subdued investor sentiment.
The Indian Opinion
The Navi IPO revival is being spun as a sign of fintech confidence, but the fine print tells a different story. Navi deferred its 2022 listing citing market headwinds, and now its NBFC arm's profit has halved to Rs 93.3 crore. The valuation talk of $2 billion is speculative, with no confirmation from the company. The real test will be whether Navi files its DRHP by December as reported, or pulls back again.
Sources (2): businesstoday.in, inc42.com
This story was synthesised by AI from the 2 sources linked above.
Updated: this story now draws on 2 sources.
