Financial services company Navi Technologies has converted into a public entity. Navi is one of the few companies to go public within four years of its inception, started in December 2018 by former Flipkart Co-Founder Sachin Bansal.
Navi has passed a special resolution to convert the company from private to a public limited entity and rename it to Navi Technologies Limited. The move will pave the way for Navi to float an Initial Public Offer (IPO) soon.
According to the filings, the board approved the change. “The authorised share capital of the company is Rs 75,00,00,00,000 divided into Rs 75,00,00,000 equity shares of Rs 100 each,” the company’s updated filings read.
At present, Navi has a disbursal rate of about Rs 2,000 crore and aspires to build a 15,000-crore worth loan book in the next 18 months. It is a full-stack financial service provider which offers personal, home, loan against property among other offerings and going public will pave the way for it to accept public deposits and elevate its status as an investment platform as well.
Navi would be the third major company from the financial service segment to go IPO. PolicyBazaar and Paytm had made their debut on stock exchanges in the previous year. The company is targeting to file a Draft red herring prospectus (DRHP) in the summer.
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