MobiKwik has received approval from market regulator Securities and Exchange Board of India (SEBI) to launch a Initial Public Offering (IPO) through which it is planned to increase ₹1,900 crore, the report suggests.
IPO involves issue of new shares of value ₹Offer for Sale (OFS) of shares up to Rs 1,500 crore ₹400 crore, reducing the stakes of its two founders and existing investors, including Sequoia Capital, Bajaj Finance, and American Express.
The Gurgaon-based company had in July filed a draft red herring prospectus (DRHP) for the initial public offering (IPO) with Sebi.
American Express Travel Related Services Company Inc., Bajaj Finance, Cisco Systems (USA) Pte Ltd, Sequoia Capital India Investment Holdings III, Sequoia Capital India Investments IV, Tree Line Asia Master Fund (Singapore) Pte Ltd, as well as the company’s promoters – – Upasana Taku and Bipin Preet Singh will sell shares through IPO.
The proceeds from the new issue of shares will be used to finance organic as well as inorganic development initiatives and general corporate purpose.
Last month, MobiKwik said that its listing should result in rich rewards through ESOPs issued to its employees.
MobiKwik Systems is a leading Mobile Wallet (MobiKwik Wallet) and Buy Now Pay Later (BNPL) player in India. The company is focusing on meeting the unmet credit needs of fast growing online transaction users by combining the convenience of daily mobile payments with the benefits of Buy Now Pay Later.
(with inputs from agencies)
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