Banking and finance

Mobikwik gets Sebi approval for Rs 1,900 crore IPO

Bengaluru: Digital funds platform Mobikwik has acquired approval from capital markets regulator, Securities and Alternate Board of India( Sebi), for its Rs 1,900 crore ($255 million) initial public offering (IPO), sources conscious of the matter advised ETtech.

Mobikwik is anticipated to launch its IPO earlier than Diwali (November 4) and is more likely to fetch a valuation of $1 billion, sources indicated.

“It will be upwards of $1 billion however they (Mobikwik) are nonetheless to determine on the value band and are contemplating if it could possibly be considerably larger than $1 billion valuation,” an individual conscious of the corporate’s pondering mentioned.

Mobikwik was final valued
at around $700 million in its earlier funding spherical in April and was eyeing a valuation of $1 billion when it filed its draft IPO papers for its public market itemizing,
ETtech reported in July.

The corporate is alleged to have garnered curiosity from sovereign wealth funds and monetary traders for anchor funding in its IPO. Anchor traders are allotted shares a day earlier than the IPO at a hard and fast value. That is an indicator of the demand and recognition of the IPO.

When contacted, Mobikwik cofounder Bipin Preet Singh declined to touch upon the story.

The Gurugram-based firm is amongst a rising listing of client web corporations, together with Paytm, Nykaa and PolicyBazaar which are eyeing inventory market debuts this 12 months. Meals-delivery platform Zomato kickstarted the IPO increase amongst Indian client startups when it made a
stellar debut within the Indian public markets in July.

Mobikwik’s draft IPO paperwork confirmed that it intends to lift round Rs 1,500 crore by means of a major share sale, whereas the remaining will likely be a secondary transaction the place current traders will promote stakes. In keeping with the draft pink herring prospectus (DRHP), Singh and Upasana Taku plan to promote shares price over Rs 191 crore within the secondary sale.

Began in 2009 by Singh and Taku, Mobikwik counts Sequoia Capital India, Bajaj Finance, American Categorical, Cisco and Abu Dhabi Funding Authority amongst its traders.

ET
reported earlier on Friday that Mobikwik’s greater rival Paytm can also be racing to acquire a Sebi nod for its $2.2 billion IPO and begin buying and selling as a public agency right here earlier than Diwali.


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