MobiKwik may defer IPO as valuation dips

Fintech startup MobiKwik could delay its initial public offering (IPO) by two to three months and might even push it to the next financial year as it struggles to find foreign institutional backers at the right valuation amid growing scepticism around fintech business models, people in the know told ET.

Company was aiming to launch the offering before Diwali day of November 4, while the demand for anchor book was lacklustre from both foreign and domestic institutional investors, and as a result, the public issues had to be postponed” said one of the people aware of the development.

One banker in the know also said that the MobiKwik IPO could be delayed by a few months as the company will have to update its September quarter earning.