Wednesday, Jan 26, 2022
Outlook.com

MobiKwik Gets Sebi Approval To Float Rs 1,900 Crore IPO

The Gurgaon-based company had filed the Draft Red Herring Prospectus (DRHP) for the Initial Public Offering (IPO) with Sebi in July.

MobiKwik Gets Sebi Approval To Float Rs 1,900 Crore IPO
MobiKwik Gets Sebi Approval To Float Rs 1,900 Crore IPO -

MobiKwik has received markets regulator Sebi's approval to launch an initial public offering, through which it plans to raise up to Rs 1,900 crore.

The Gurgaon-based company had filed the Draft Red Herring Prospectus (DRHP) for the Initial Public Offering (IPO) with Sebi in July.

Through the IPO, the company plans to offer shares aggregating to Rs 1,900 crore. Out of the total, Rs 1,500 crore will be mopped up through fresh issue of shares, while Rs 400 crore-worth stocks will be offloaded through the Offer-for-Sale (OFS) route by existing shareholders.

According to merchant banking sources, Sebi has approved MobiKwik's plan for the IPO.

There was no immediate response from the company to a query seeking comments on Sebi approval.

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 purposes.

One 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.

Last month, MobiKwik said its listing should provide bountiful rewards to its employees through the ESOPs issued to them.

(With inputs from PTI)

Advertisement

Outlook Newsletters

Advertisement
Advertisement