Mobikwik To Raise Rs 880 Crore Via IPO
The board of Mobikwik has passed a resolution to raise Rs 880 crore through an initial public offering.
The Gurugram-based fintech will look to list on the bourses for a second time and raise Rs 880 crore via a fresh issue of shares. The company will also consider a pre-IPO placement of shares worth Rs 176 crore. The special resolution for the IPO was passed on Dec. 27, 2023.
The issue will be purely through a fresh issuance of equity shares and the IPO will not include an offer for sale by existing shareholders, as per the resolution.
It had earlier filed its draft red herring prospectus in 2021, at a time when rival Paytm went public and saw a 25% dip on its debut before crashing further.
Mobikwik had then put its IPO plans on hold, citing market conditions. Its earlier IPO was planned to be worth about Rs 1,900 crore, and had received SEBI approval. That comprised of a Rs 1,500 crore fresh issue and a Rs 400-crore OFS component.
The current IPO seems to raise less than half that amount.
The mobile wallet operator also claims to be in its third consecutive quarter of profitability, it said in a statement in October 2023.
The company reported a profit of Rs 5 crore in the quarter ended September, compared with Rs 3 crore in the previous quarter, while revenue surged 52% year-on-year to Rs 208 crore.
Founded in 2009 by Bipin Preet Singh and Upasana Taku, MobiKwik offers digital payment solutions, such as a mobile wallet and a buy-now-pay-later product.
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