Technology
Mobikwik gets Sebi approval for Rs 1,900 crore IPO
Fintech giant Mobikwik has received approval from the Securities and Exchange Commission of India (SEBI) to launch its 190 crore initial public offering (IPO), paving the way for the first Indian fintech company to list on the exchange.
The two are familiar with this The matter told “Business Today”. The scale of the IPO issuance includes the issuance of new shares not exceeding Rs 1,500 crore, as well as a sale offer of up to Rs 4 crore to certain existing shareholders. According to sources, Mobikwik will invest the proceeds of the IPO to expand its mobile wallet and develop its buy-be-pay-late (BNPL) platform through organic and inorganic initiatives.
The Gurgaon-based company submitted the Red Herring Draft Prospectus (DRHP) in July this year. British Telecom has contacted the company for official comments. The story will be updated when they respond. Mobikwik was launched as a wallet in 2009 and launched its BNPL platform in 2019, focusing on solving India’s unmet credit needs. Its BNPL platform combines the convenience of daily payment and the specific advantages of BNPL, but uses big data.
According to the company, as of June 30, 2021, the number of pre-approved users of the platform has reached 23 million, an exponential increase. Mobikwik also raised more than US$35 million in 2021, the most recent being US$20 million from the Abu Dhabi Investment Authority, Qatar, in June this year.
ICICI Securities Co., Ltd., BNP Paribas, Credit Suisse Securities (India) Pte Ltd, IIFL Securities Co., Ltd. and Jefferies India Pte Ltd are the lead managers of the IPO’s bookkeeping operations.
News Source : Businesstoday.in
.jpg "SpiceJet announces 8 new flights to connect Jaipur with Varanasi, Amritsar and Ahmedabad")
SpiceJet expands its domestic network with 8 new flights that will connect Jaipur with Varanasi, Amritsar and Ahmedabad and also link Ahmedabad with Pune.
SpiceJet is further expanding its domestic network with the launch of eight new flights starting November 15.
In the statement released on Wednesday, the airline announced that these new routes will connect Jaipur with Varanasi, Amritsar and Ahmedabad, while also linking Ahmedabad with Pune. This expansion follows the recent launch of 32 new flights in October 2024, including two international flights connecting Delhi with Phuket.
Last month, SpiceJet also commenced UDAN flights linking Shivamogga in Karnataka with Chennai and Hyderabad, and introduced double daily flights between Chennai and Kochi, enhancing connectivity across key regional and metropolitan cities.
“We are excited to announce the launch of new flights from Jaipur to Varanasi, Amritsar, and Ahmedabad, as well as from Ahmedabad to Pune, providing our passengers with greater flexibility and convenience,” SpiceJet Chief Business Officer Debojo Maharshi said.
“These new flights reflect our commitment to supporting passenger demand across tier-II cities and beyond. With our expanded winter schedule, including international and UDAN routes, we aim to provide our customers with greater convenience, affordability, and seamless travel experiences,” Maharshi added.
SpiceJet will deploy its 78-seater Q400 aircraft in these sectors. Bookings for the new flights are now open and tickets are available at the website of the airline, SpiceJet’s mobile app and through online travel portals and travel agents.
On Monday, the airline received a significant boost, with Acuite Ratings & Research Limited upgrading its long-term rating by four notches to ‘B ‘ and its short-term rating to A4. The rating agency has also assigned a ‘Stable’ outlook to the airline.
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