MobiKwik has received SEBI’s approval to launch an initial public offering (IPO). The payments company had filed the Draft Red Herring Prospectus (DRHP) for the Initial Public Offering (IPO) with SEBI in July 2021.
Through the IPO, the company plans to offer shares aggregating to Rs 19 billion. Of this, Rs 15 billion will be mopped up through fresh issue of shares, while Rs 4 billion worth stocks will be offloaded through the offer-for-sale (OFS) route by existing shareholders.
As per industry sources, proceeds from the fresh issue of shares will be used towards funding organic as well as inorganic growth initiatives and general corporate purpose.
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 Taku and Bipin Preet Singh — will be selling shares through the IPO.
