Indian paytech MobiKwik refiles draft papers for IPO, hopes to raise $84m
Indian paytech firm MobiKwik has refiled draft papers for an initial public offering (IPO) with the Securities and Exchange Board of India (SEBI), this time aiming for a smaller sum of $84 million.
MobiKwik refiles draft papers for IPO, targets $84m raise
The company had initially planned to go public through an IPO in 2021, with a target at the time to raise up to $255 million. However, those plans were later scrapped due to weakening market conditions.
According to the prospectus filed on 5 January with the SEBI, MobiKwik is looking to raise up to $84 million through a fresh issue of shares. The company is also considering a pre-IPO placement of up to $16.8 million which, if implemented, could reduce the size of the IPO.
According to the draft papers, MobiKwik proposes that the net proceeds will be used to grow its financial services and payments businesses, in particular investing in artificial intelligence, machine learning, data, product and technology. The money will also be used to cover the capital expenditure incurred by its payment device business and for “general corporate purposes”.
Founded in 2009 and headquartered in Gurugram, Haryana, MobiKwik offers payments, credit and investment products to both consumers and merchants. As of September 2023, it claims to have nearly 147 million registered users and 3.8 million merchants in its network.
