Mobikwik files DRHP for massive ₹1900 crore IPO
Online payments firm Mobikwik has filed its draft documents to raise ₹1,900 crore via a public offering. Mobikwik is the latest among a slew of internet companies wanting to list on stock exchanges.
The Mobikwik IPO plan
About ₹1,500 crore will be primary share sales. While up to ₹400 crore will be secondary share sales where existing investors can sell their stake. Also read Benefits of using a credit card
Mobikwik was founded in 2009 by husband-wife duo Bipin Preet Singh and Upasana Taku. The company was last valued at $700 million. Last month it had raised $20 million from Abu Dhabi Investement Authority (ADIA).
Venture firm Sequoia Capital India, Bajaj Finance, Amex, Tree Line and Cisco are the other investors in the company.
The promoters Singh and Taku plan to sell about ₹190 crore of their stake, while Sequoia and Bajaj Finance will sell ₹95 crore and ₹69 crore respectively, filings said.
Mobikwik’s total income was down by 18 percent for the year ended March 31,2021. Revenue had dropped to ₹302 crore while its losses rose 12 percent to ₹111 crore.