Digital Payments Startup Mobikwik Files For Rs 1,900 Cr IPO
Digital Payments firm Mobikwik has filed DRHP with the market regulator for its Rs 1,900 crore IPO on Monday, July 11. The news comes in at a time where major internet companies are gearing up for listings in the Indian equity markets.
The offer consists of a fresh issue of Rs 1,500 crore and a secondary sale of Rs 400 crore from its existing shareholders. The OFS will include stake sale of its promoters Singh and Taku( Rs 190 crore), Sequoia(Rs 95 crore), Bajaj Finance (Rs 69 crore), American Express (Rs 9.9 crore), Cisco Systems(Rs 11 crore), and Treeline Asia(Rs 24 crore), the DRHP showed.
Earlier today, the company's rival Paytm's board approved its fresh issue of shares worth Rs 12,000 crore in their extraordinary general meeting. After Zomato and Paytm, Mobikwik is now the third such company to gear up for a listing in the Indian bourses amid a buzz in the primary markets.
The Digital Payments Startup was founded by the Husband-wife duo, Bipin Preet Singh and Upasana Taku in 2009. After receiving an investment of $20 million from Abu Dhabi Investment Authority (ADIA) in the previous month, the company was last valued at $700 million.
As per media reports and data available, the firm is said to witness nearly one million daily transactions across its network which includes UPI, Digital Wallet, and other recharge and bill payment services.
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