• Mon. Jul 22nd, 2024

MobiKwik IPO relisted at 37% of initial issue

Byusanewscart.com

Jan 6, 2024
MobiKwik IPO relisted at 37% of initial issue

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MUMBAI: In what will be its second attempt at going public, One MobiKwik Systems – the parent company of fintech firm MobiKwik – on Friday filed a fresh draft red herring prospectus with Sebi to raise Rs 700 crore through a fresh issue of shares.
The size of the proposed IPO is over 50% lower than the previous issue which was planned at Rs 1,900 crore.The IPO does not have an offer for sale component. The company said that it may undertake a pre-IPO placement worth up to Rs 140 crore.
MobiKwik will use the IPO proceeds to fund growth of its financial services and payment services businesses and make investments in data and technology tools like AI & ML. In an interview with TOI last year, co-founder and CEO Bipin Preet Singh had said that the company’s digital credit GMV (gross merchandise value) has seen a multi-fold growth over the past few years.



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