Payment app Mobikwik is also preparing to launch an IPO. The company has filed its draft red herring prospectus (DRHP) with the capital markets regulator, Securities and Exchange Board of India (SEBI), for the initial public offering (IPO). According to Livemint news, MobiKwik plans to raise Rs 700 crore through a fresh issue of equity shares.
Pre-IPO placement of up to Rs 140 crore!
According to the news, there is no offer for sale (OFS) component in it. As stated in the DRHP, the company can make a pre-IPO placement of up to Rs 140 crore in consultation with the Book Running Lead Manager (BRLM). SBI Capital Markets Ltd and DAM Capital Advisors Ltd are the BRLMs of the IPO. The registrar of the issue is Link Intime India Private Limited.
This is the company’s second attempt at IPO.
Fintech unicorn, MobiKwik made its first attempt at an IPO in July 2021 and was approved by SEBI. This is the company’s second attempt at IPO. In such a situation, if the company gets permission from SEBI then there will be a good earning opportunity for the investors. The 15-year-old startup founded by Bipin Singh and Upasana Taku is not planning to sell any existing shares in the IPO. It said it plans to raise about $16 million in a pre-IPO round.
Mobikwik’s revenue was excellent
The report said MobiKwik achieved revenue of Rs 243.9 crore for the first six months of FY24, of which 64% came from its financial services operations. The company achieved revenue of Rs 285 crore in the quarter, up from Rs 97.6 crore in the financial year earlier. We intend to use Rs 100 crore from the net proceeds to acquire new consumers and merchants on our platform, the company said in the draft filing.
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