Navi Ltd and NSE Prepare Massive Indian IPOs

Navi Technologies is preparing for its third attempt at a public listing, targeting a ₹3,000 crore initial public offering by the March quarter of 2026-27. The fintech company, founded by Sachin Bansal, is working with Kotak Investment Banking to file a new Draft Red Herring Prospectus with the Securities and Exchange Board of India. This push follows a 2022 attempt to raise ₹3,350 crore that was postponed due to market volatility and a subsequent shelved attempt.

To prepare for the listing, the company restructured its leadership, moving Sachin Bansal from CEO to Executive Chairman and appointing Rajiv Naresh as CEO of Navi Technologies and Abhishek Dwivedi as CEO of Navi Finserv. Since April 2025, the company has raised approximately ₹16,000 crore through debt and equity. The IPO follows the Reserve Bank of India's December 2024 decision to lift a loan disbursement ban on Navi Finserv. Proceeds will be used to scale the company's insurance capital base and lending book.

Separately, the National Stock Exchange of India plans to begin marketing for its own IPO as early as next week, targeting a September listing. The exchange aims to raise up to $3 billion through an offer-for-sale of roughly 148.9 million shares. The NSE has appointed approximately 20 investment banks, including Morgan Stanley, Citigroup, and HSBC, to manage the process. If valued between ₹5.25 trillion and ₹5.3 trillion, the issue could become the largest IPO in Indian history.