Navi eyes ₹3,000cr IPO by March 2027
What's the story
Navi, the fintech start-up co-founded by Flipkart's Sachin Bansal, is gearing up for an initial public offering (IPO) by March 2027. The company plans to raise around ₹3,000 crore through the issue. The Bengaluru-based firm is working with Kotak Investment Banking for its upcoming IPO. The issue will likely consist of fresh capital and an offer for sale, though the exact split is yet to be finalized.
Previous attempts
Delay in IPO due to market conditions
Navi first filed for an IPO in 2022, seeking to raise ₹3,350 crore. However, the plan was put on hold due to market volatility and a sharp decline in technology stocks. The Securities and Exchange Board of India (SEBI) had approved the issue in September 2022, but Navi chose to delay it amid unfavorable conditions.
Strategic partnerships
Navi takes another shot at IPO
Despite the challenges, Navi has shown resilience and determination to go public. The company is now gearing up for another attempt at an IPO, this time with a more conservative target of ₹3,000 crore. The partnership with Kotak Investment Banking comes as part of its strategy to navigate these turbulent market conditions and successfully launch its public offering.