Digital payments firm Mobikwik, backed by Sequoia Capital and Bajaj Finance, filed draft red herring prospectus (DRHP) for an IPO of up to ₹1,900 crore on Monday with SEBI.
The IPO also includes a fresh issue of shares worth ₹1,500 crore.
The Gurgaon-based company’s bookrunners include ICICI Securities, BNP Paribas, Credit Suisse, Jefferies.
It includes OFS of ₹400 crore comprising ₹9.9 crore by American Express, ₹68.9 crore by Bajaj Finance, ₹111 crore by founder Bipin Preet Singh, ₹78 crore by founder Upasana Taku, ₹11 crore by Cisco Systems, ₹94 crore by Sequoia Capital and ₹24 crore by Treeline Asia.
It could seek a valuation of around $1 billion from the offering, reported Bloomberg citing sources.
If the pre-IPO placement is completed, the number of equity shares issued following such a placement will be reduced from the fresh issue.
Proceeds from the fresh issue will be used towards funding organic as well as inorganic growth initiatives and general corporate purpose.
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.
The development comes just days after rival payments firm Paytm’s plan to file a DRHP ahead of its planned IPO slated for November. Earlier today, the shareholders of One97 Communications Ltd (OCL), which owns brand Paytm, had approved plans of its ₹16,600 crore initial public offering (IPO), put to vote at the extraordinary general meeting held on 12 July, according to two individuals aware of the discussion, reported Mint.
OCL will release its DRHP later this week, said one of the people quoted above.
Meanwhile, Zomato’s public issue is slated for July 14-16, with the online food delivery firm looking to raise as much as ₹9,375 crore.
Earlier today, Paytm Money announced the launch of an innovative feature which allows users to apply for initial share-sales before the actual IPO opening in the markets.
The move is expected to significantly increase the participation of retail users in initial public offer (IPO) through the process.
Zomato is the first IPO on Paytm Money launched with this feature, and thousands of applicants on the platform have already placed their orders over the last two days, the digital brokerage said in a statement.
Founded in 2009 by Bipin Preet Singh and wife Upasana Taku, Mobikwik has raised over $165 million, according to startup data platform Crunchbase.
Reports suggest that Mobikwik is said to be conducting over one million daily transactions across its network, including on its digital wallet, UPI and bill payment services.
Never miss a story! Stay connected and informed with Mint.
our App Now!!