Navi To File For ₹3,000 Cr Ipo By December: Report

Fintech unicorn Navi is reportedly planning to file its draft red herring prospectus (DRHP) for an initial public offering (IPO) as early as December this year, with the proposed issue estimated at about ₹3,000 Cr (about $314 Mn).

According to a Bloomberg report, citing sources, the IPO is expected to comprise a fresh issue of shares, with no offer-for-sale (OFS) component from existing shareholders. 

Navi has also reportedly appointed JM Financial, Kotak Mahindra Capital, Goldman Sachs and JPMorgan as advisers for the proposed offering. However, deliberations are still ongoing, and details including the issue size, valuation and timing could change, the report added.

Navi declined to confirm the IPO speculations as of now. “Unfortunately, we will not be able to comment on this matter. The recent reportage regarding Navi’s potential IPO, including the timelines, size, valuation and advisers, has been speculative,” the fintech unicorn said in a reply to Inc42. 

Speculations on Navi’s IPO have been going around for some time now. Most notably, Navi chairman Sachin Bansal, addressing a session during Startup Mahakumbh 2025, said that the company was considering launching its IPO in FY26. “We are at a stage where we can use more capital and the public market is the best source of capital, I believe, if you can handle what comes with it,” he said.

The plans didn’t materialise in the anticipated timeline. However, recent reports indicate that the fintech major has restarted the IPO prep. Earlier in July, it was reported that Navi was looking to file its IPO paper by Q4 FY27.

Ahead of the IPO, Navi is also likely to raise its maiden external equity funding round. Navi was also said to be looking to raise $250 Mn-$300 Mn from Prosus and Accel Growth Fund at a valuation of $1.8-2 Bn. However, as per reports, Prosus had pushed back on Navi’s proposed valuation.

To note, Navi had previously filed its IPO documents in March 2022 for an issue of up to ₹3,350 Cr and received regulatory approval in September that year. However, the fintech unicorn later deferred the offering amid subdued investor sentiment and challenging domestic and global market conditions.

Founded in 2018, Navi is a financial services company offering lending, insurance, mutual funds and UPI payments. Its lending business provides home loans, personal loans and loans against property through its NBFC and partner institutions. 

The group includes NBFC arm Navi Finserv, Navi General Insurance and Navi AMC. 

Its NBFC arm, Navi Finserv, reported a consolidated profit of ₹93.3 Cr in FY26, down about 46% YoY while operating revenue for the fiscal year increased 17% YoY to  ₹2,691.5 Cr.

New-Age Tech IPOs Gain Steam

Navi is among a growing cohort of new-age technology companies who are looking to tap India’s public markets this year.

Table Space recently filed its DRHP for an IPO, while Battery Smart is reportedly planning to file its draft papers in September or October. CarDekho is also said to be preparing to file its DRHP for a ₹3,500 Cr IPO by the end of the current quarter. 

Meanwhile, Shiprocket’s IPO sailed past the three-times subscription mark on the second day of bidding, with investors placing bids for 28.29 Cr shares against the 9.44 Cr shares on offer.

However, not all startups are proceeding with their listing plans. Building materials unicorn Infra.Market is exploring a reverse-listing route through Shalimar Paints. 

The listed company is considering acquiring shares and CCPS of Infra.Market’s parent, Hella Infra Market, in a proposed transaction valued at around ₹10,545 Cr.

Besides, quick commerce major Zepto has deferred its IPO plans for now and is instead pursuing a pre-IPO private placement of up to ₹1,000 Cr.

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