Friday, 24 March, 2023

Sachin Bansal's Navi Tech files draft papers for ₹3,350 cr IPO

<p>Navi Technologies, led by Sachin Bansal, has filed initial paperwork with the Securities and Exchange Board of India (Sebi) to raise Rs 3,350 cr through an initial public offering (IPO). According to the draught red herring prospectus (DRHP), the proposed IPO will be entirely through a new issue of equity shares, with no offer-for-sale (OFS). Bansal, the co-founder of Flipkart, has spent roughly Rs 4,000 cr in Navi thus far and would not dilute his interest in the IPO.</p>