Navi Ltd is preparing to file draft papers for an IPO worth about ₹3,000 crore by the January-March quarter of FY27, with Kotak Investment Banking advising the issue, which is expected to combine fresh equity and an offer for sale.
This marks Navi’s second attempt at going public. It had filed for a ₹3,350 crore IPO in 2022 and received SEBI approval, but shelved it amid weak market conditions for tech stocks.
Before the listing, Navi is also reportedly in talks with Dutch investor Prosus for its first external funding round to set a valuation ahead of the IPO.
The Numbers, So Far
The size has come down slightly, from ₹3,350 crore in 2022 to roughly ₹3,000 crore now. The structure hasn’t been finalised, but the issue is expected to combine fresh equity with an offer for sale. Kotak Investment Banking is advising; Navi, Prosus and Kotak all declined to comment when contacted by ET.
Before any of that gets locked in, Navi is reportedly negotiating its first-ever external funding round, led by Prosus. That round would set a valuation benchmark heading into the IPO, a step companies increasingly take before listing, to avoid pricing an IPO cold.
What Navi Actually Does
Bansal, who built and sold Flipkart before starting Navi, chairs the company as executive director. Rajiv Naresh runs it day-to-day as managing director and CEO.
The business itself has moved well beyond its original digital-lending pitch. Navi now sells personal loans, home loans, loans against property, health insurance, mutual funds and UPI payments, a spread wide enough that the company dropped “Technologies” from its name and rebranded simply as Navi Limited, signalling ambitions closer to a full-stack financial services platform than a lending app.
Why the First Attempt Failed
The 2022 IPO didn’t collapse for lack of paperwork. SEBI approved it. What killed it was timing: a brutal correction in tech and new-age stocks made investors sceptical of loss-making, high-growth listings, and Navi shelved the offering rather than price it into a falling market.
That backdrop has shifted. Sentiment toward Indian fintech and tech listings has firmed up, and companies that sat out the 2022 downturn are starting to test the market again. Navi’s return is as much a bet on that recovery as on its own numbers.
Reading the Prosus Angle
A pre-IPO round is rarely just about cash. For Navi, a Prosus-led raise would do two things: inject capital ahead of a public offering, and more importantly, put a market-set price on the company before bankers start building an IPO book. That number becomes the reference point everyone negotiates against.
None of this is confirmed yet. Talks are described as ongoing, and neither Navi nor Prosus has said anything on the record.
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What to Watch Next
The real test starts when Navi actually files. Until then, everything – size, structure, pricing, and timeline – is subject to change. Three things will tell the story once the draft papers land: whether the Prosus round closes and at what valuation, how the fresh-equity-to-OFS mix shakes out, and whether SEBI’s review moves faster the second time around.
If Navi gets this one across the line, it becomes one of the more closely watched fintech listings of FY27, not for the size of the raise but for what it signals about whether India’s tech IPO market has actually recovered or is just telling itself it has.
Frequently Asked Questions (FAQs)
Q1. How much is Navi planning to raise through its IPO?
Navi is looking to raise about ₹3,000 crore through its proposed IPO, according to media reports citing sources familiar with the plan.
Q2. When is Navi expected to file its IPO papers?
Navi is preparing to file draft IPO papers by the January-March quarter of FY27 (Q4 FY27).
Q3. Who is advising Navi on its IPO?
Kotak Investment Banking is advising Navi on the proposed public issue.
Q4. Has Navi attempted an IPO before?
Yes. Navi filed for a ₹3,350 crore IPO in 2022 and received SEBI approval but did not proceed due to weak market conditions for technology stocks at the time.
Q5. Is Navi raising funds before its IPO?
Navi is reportedly in talks with Prosus to raise its first external equity funding round ahead of the planned listing, though this has not been officially confirmed.
Q6. What does Navi’s business include?
Navi offers personal loans, home loans, loans against property, health insurance, mutual funds, and UPI payments through a digital-first financial services platform.
