Home Latest News MobiKwik turns the lever, readies to raise Rs. 1,900 crores through IPO

MobiKwik turns the lever, readies to raise Rs. 1,900 crores through IPO

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Following suit of the ongoing trend, One MobiKwik Systems Pvt. Ltd prepares to open its IPO for sale and raise Rs. 1,900 crores through the initial release. As per reports, the company has filed preliminary papers with the Securities and Exchange Board of India(SEBI) for its Initial Public Offerings. 

MobiKwik turns the lever, readies to raise Rs. 1,900 crores through IPO

Out of Rs. 1900 crores, the company will issue fresh equity shares worth Rs. 1500 crores and the rest Rs. 400 crores will be sold to the stakeholders, promoters as per Draft Red Herring Prospectus’s (DRHP) statement

The issue has a separate reservation for the employees of the company. Those offering to sell their shares are 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 Rupkrishan Taku and Bipin Preet Singh.  

According to DRHP, , headquartered in Gurugram, Haryana is expected to run a preIPO placement of equity shares aggregating to an amount of  Rs. 400 crores. If the preIPO placement gets filled within the expected time period, then new equity shares will be reduced from the fresh issue.

The IPO release is sure to fetch the company a lot of attention, as MobiKwik Systems has already been in the limelight for its mobile wallet offerings and is regarded as the largest player of the ‘Buy Now Pay Later(BNPL)’ ecosystem in the country.