Navi is getting ready to start formal steps towards an initial public offering in India that could raise as much as Rs30bn ($314m), reported Bloomberg citing sources.
The financial technology company set up by former Flipkart co-founder Sachin Bansal has selected JM Financial, Kotak Mahindra Capital, Goldman Sachs Group, and JPMorgan & Chase & Co. to advise on the share sale, the people said.
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According to the sources, the planned listing is likely to consist only of a primary issue, with no secondary sale by current investors.
Navi is seeking a valuation of up to $2bn and aims to submit its prospectus by December, they said.
The discussions are still under way, and the fundraising size, valuation and timetable may yet be revised, the people added.
Navi had earlier submitted a draft prospectus in March 2022 for a proposed IPO of up to Rs33.5bn and obtained regulatory clearance in September that year.
The company later postponed the transaction as investor sentiment weakened amid domestic and global pressures.
The group operates across several financial services segments, including lending, mutual funds, health insurance and UPI payments.
Bansal started Navi after leaving Flipkart in 2018, following Walmart Inc.’s $16bn purchase of the Indian e-commerce business.
Navi is among a number of Indian financial services companies looking at stock market listings in the months ahead, including Muthoot Fincorp, Truhome Finance, InCred Holdings, Moneyview and Hero FinCorp.
