Fintech company Navi Ltd. is gearing up to begin the formal process for an initial public offering in India that could raise as much as Rs 30 billion, Bloomberg reported.
Founded by former Flipkart co-founder Sachin Bansal, Navi has appointed JM Financial, Kotak Mahindra Capital, Goldman Sachs and JPMorgan as advisers for the proposed offering. The IPO is expected to involve only a fresh share issue, with existing investors not planning to sell their holdings.
The company is seeking a valuation of up to $2 billion and could file its prospectus by December, although the proposed issue size, valuation and timeline remain subject to change.
Navi had postponed earlier IPO plan
Navi had previously filed draft IPO papers in March 2022 for an offering of up to Rs 33.5 billion. Regulatory approval was received later that year, but the company subsequently deferred the listing amid weak investor sentiment and broader domestic and global market challenges.
The proposed IPO comes as several Indian financial-services companies prepare to access equity markets. Navi operates across lending, mutual funds, health insurance and UPI payments. Bansal established the company in 2018 after leaving Flipkart following Walmart’s $16-billion acquisition of the e-commerce company.
