Navi Tech IPO likely this year

Bengaluru: Sachin Bansal promoted financial services company Navi Technologies is readying to go public as the entity changes the nature of the company to public.

This is seen as a precursor to the company's plan to list its shares in exchanges. According to a filing, the board approved the change on February 2. 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, read the company's updated filings.

According to sources in the know, Navi has also appointed bankers including ICICI Securities, BofA Securities and Axis Capital to help float its initial public offering (IPO). The company is looking at floating the IPO towards the end of this year and may soon file draft red herring prospectus with the market regulator SEBI.

Founded in 2018, Navi Technologies turned profitable in 2020-21 with a consolidated profit of Rs 71 crore.