MobiKwik might postpone IPO, as fintech startups being considered capricious
- ByStartupStory | November 23, 2021
MobiKwik, the famous fintech startup, might be on the verge of deferring their initial IPO(initial public offering), by two to three months, and in some predictions, even to the next financial year, as the company doesn’t seem to find the right Foreign institutional banker, amidst the skepticism in the startup environment regarding Fintech companies.
The Gurugram-based company had filed its draft IPO papers for a Rs 1,900 crore IPO in July, which was approved by market regulator Securities and Exchange Board of India (Sebi) in October. It was aiming to launch the offering before Diwali day of November 4.
Sources close to the situation have expressed their concern for the company, as MobiKwik was advised to not go through with the IPO as it may not find the required demand, from either foreign or domestic sources.
The disappointing public listing by Paytm has led to further corrections in fintech valuations among investors. Responding to ET’s email query on the developments, a representative for MobiKwik said the company had received regulatory approvals for its IPO and will go public at ‘an appropriate time’.
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