Fintech unicorn Navi is preparing to file its draft red herring prospectus for an initial public offering estimated at around ₹3,000 crore ($314 million) as early as December 2026, according to inc42.com. The IPO is expected to be a fresh issue of shares without an offer-for-sale component from existing shareholders.
The company has appointed JM Financial, Kotak Mahindra Capital, Goldman Sachs, and JPMorgan as advisers for the proposed offering, Bloomberg reported. While deliberations on the issue size, valuation, and timing continue, Navi has declined to comment on the IPO plans. Navi chairman Sachin Bansal had previously indicated the company was considering an IPO in FY26, stating that public markets are a good source of capital if the company can manage the associated challenges.
Navi’s move to file for an IPO follows a period of speculation and delays. The fintech sector in India has seen multiple large-scale listings, and Navi’s proposed ₹3,000 crore raise would place it among significant fintech public offerings. The absence of an offer-for-sale component suggests the company aims to raise fresh capital to fuel growth rather than provide liquidity to existing investors.
The IPO filing is expected by December 2026, marking a key milestone for Navi as it seeks to expand its capital base. The involvement of major investment banks underscores the seriousness of the plan, with the next public disclosure likely to be the draft red herring prospectus filing.