SEBI Approves MobiKwik’s 1900 cr IPO
- ByManjeet Singh | October 8, 2021
SEBI Approves MobiKwik’s 1900 cr IPO, Markets regulator SEBI approved MobiKwik’s IPO application, which will raise approximately 1,900 crore. In July, the Gurgaon-based company filed its Draft Red Herring Prospectus (DRHP) for the Initial Public Offering (IPO) with SEBI.
The company plans to sell 1,900 crore worth of shares through this IPO. In total, 1500 crore worth of shares will be issued through a fresh issue, whereas 400 crore worth of stock will be offloaded through an Offer-for-Sale (OFS) from existing shareholders.
MobiKwik’s initial public offering has been approved by SEBI, according to merchant banking sources. A query to The Company for comments on the SEBI approval did not receive an immediate reply.
The proceeds of the fresh issue of shares will be used to fund organic and inorganic growth initiatives as well as general corporate purposes.
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.
MobiKwik Systems is one of the leading mobile wallets (MobiKwik Wallet) and Buy Now Pay Later (BNPL) providers in India. By combining everyday mobile payments with Buy Now Pay Later, the company works to meet the unmet credit needs of fast-growing online retailers.
.Chairman, Co-Founder, and COO, Upasana Taku, had said that 7% of the fully-diluted outstanding shares would be created by the full exercise of options. “This 7 per cent compares to less than 2 percent holding for most other internet companies that are coming up for listing… Over the last decade, MobiKwik has grown on the strength of its employees to become a leading fintech player in India,” she had said “As we cement our presence and leadership further, we wanted to acknowledge and reward our employees for their efforts,” she added.
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