Sachin Bansal’s Navi Technologies, a fintech business that provides clients with insurance and credit products, has filed for a $440 million IPO, signaling that the 40-year-old entrepreneur who made his fortune by launching India’s e-commerce boom is taking another risk.
Navi Technologies’ IPO will be entirely made up of new shares. According to a draught prospectus filed with the local regulator on Saturday, the company may contemplate a pre-IPO placement.
The IPO comes when most other companies, including tech firms, have been falling in recent months. In recent weeks, all tech businesses that went public last year, such as Zomato, Paytm, Nykaa, and PolicyBazaar, have traded at their lowest share prices.