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
