MobiKwik gets SEBI nod to launch IPO of up to ₹1,900 crore1 min read . Updated: 08 Oct 2021, 01:25 PM IST
- MobiKwik IPO includes the issue of new shares worth ₹1,500 crore and an offer for sale (OFS) of shares worth up to ₹400 crore
Listen to this article
MobiKwik has received approval from markets regulator Securities and Exchange Board of India (SEBI) to launch an initial public offering (IPO) through which it plans to raise up to ₹1,900 crore, reports suggest.
The IPO includes the issue of new shares worth ₹1,500 crore and an offer for sale (OFS) of shares worth up to ₹400 crore, diluting the stakes of its two founders and current investors including Sequoia Capital, Bajaj Finance and also include American Express.
The Gurgaon-based company had filed the Draft Red Herring Prospectus (DRHP) for the Initial Public Offering (IPO) with Sebi in July.
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 be selling shares through the IPO.
Proceeds from the fresh issue of shares will be used towards funding organic as well as inorganic growth initiatives and general corporate purpose.
Last month, MobiKwik said its listing should provide bountiful rewards to its employees through the ESOPs issued to them.
MobiKwik Systems is a leading mobile wallet (MobiKwik Wallet) and Buy Now Pay Later (BNPL) player in India. The company is focused on addressing the unmet credit needs of the fast growing online transactors by combining the convenience of everyday mobile payments with the benefits of Buy Now Pay Later.
(With inputs from agencies)
Never miss a story! Stay connected and informed with Mint. Download our App Now!!