Mobikwik files for ₹1,900 crore IPO
Mobikwik filed for an initial public offering (IPO) worth up to ₹1,900 crore with the Securities and Exchange Board of India (Sebi) on Monday. The IPO of Mobikwik, which is backed by Sequoia Capital and Bajaj Finance, also includes a fresh issue of shares worth ₹1,500 crore. According to the Draft Red Herring Prospectus (DRHP), it includes an offer for sale (OFS) of ₹400 crore comprising ₹9.9 crore by American Express, ₹68.9 crore by Bajaj Finance, ₹111 crore by founder Bipin Preet Singh, ₹78 crore by founder Upasana Taku, ₹11 crore by Cisco Systems, ₹94 crore by Sequoia Capital and ₹24 crore by Treeline Asia.
The issue also includes a reservation for Mobikwik employees. Mobikwik may also consider a pre-IPO placement of such a number of equity shares for cash consideration aggregating up to ₹400 crore at its discretion, as per the DRHP.
If the pre-IPO placement is completed, the number of equity shares issued following such a placement will be reduced from the fresh issue. Mobikwik has said the proceeds from the fresh issue will be used to fund organic and inorganic growth initiatives and general corporate purposes.
ICICI Securities, BNP Paribas, Credit Suisse Securities (India) Private Limited, IIFL Securities and Jefferies India are the book managers for the Mobikwik IPO.
The shares of the company will be listed on the BSE and NSE.