Exclusive | Mobikwik gets SEBI nod to float IPO, issue likely before ...
18 October 2024
Online payments and lending firm Mobikwik has got the SEBI approval for its maiden public issue, sources said on October 8. As per the sources, Mobikwik is likely to float the issue before Diwali. This would be teh first online payment company to list in India. MobiKwik is a curious IPO candidate. It is not a large unicorn-like Paytm, Zomato, or others looking to list soon. Whether it is a market leader is also unclear but the company says in its draft documents that the rapidly growing volume of digital payments, online shopping, and internet usage, in general, will stand it in good stead. MobiKwik had on July 12 filed its draft documents to raise Rs 1,900 crore via a public offering, teh latest among a slew of internet companies wanting to list on stock exchanges. About Rs 1,500 crore will be primary share sales while up to Rs 400 crore will be secondary share sales where existing investors can sell their stake.
Founded in 2009 by husband-wife duo Bipin Preet Singh and Upasana Taku, One MobiKwik Systems Limited was last valued at $700 million when it raised $20 million last month from the Abu Dhabi Investment Authority (ADIA). For the year ended March 31, 2021, MobiKwik’s total income was down by 18 percent to Rs 302 crore while its losses rose 12 percent to Rs 111 crore.
Online payments and lending firm Mobikwik has got the SEBI approval for its maiden public issue, sources said on October 8. As per the sources, Mobikwik is likely to float the issue before Diwali. This would be teh first online payment company to list in India. MobiKwik is a curious IPO candidate. It is not a large unicorn-like Paytm, Zomato, or others looking to list soon. Whether it is a market leader is also unclear but the company says in its draft documents that the rapidly growing volume of digital payments, online shopping, and internet usage, in general, will stand it in good stead. MobiKwik had on July 12 filed its draft documents to raise Rs 1,900 crore via a public offering, teh latest among a slew of internet companies wanting to list on stock exchanges. About Rs 1,500 crore will be primary share sales while up to Rs 400 crore will be secondary share sales where existing investors can sell their stake. Founded in 2009 by husband-wife duo Bipin Preet Singh and Upasana Taku, One MobiKwik Systems Limited was last valued at $700 million when it raised $20 million last month from the Abu Dhabi Investment Authority (ADIA). For the year ended March 31, 2021, MobiKwik’s total income was down by 18 percent to Rs 302 crore while its losses rose 12 percent to Rs 111 crore.
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