- MobiKwik’s IPO Refiling:
- Indian paytech firm MobiKwik has refiled draft papers for an initial public offering (IPO) with the Securities and Exchange Board of India (SEBI).
- Smaller IPO Target:
- The company aims to raise a reduced sum of $84 million, compared to the initial plan in 2021, where it aimed for up to $255 million.
- Previous IPO Plans:
- MobiKwik had initially planned to go public in 2021 but had to abandon those plans due to unfavorable market conditions.
- Fresh Issue of Shares:
- MobiKwik’s IPO plan involves a fresh issue of shares to raise the targeted $84 million.
- Potential Pre-IPO Placement:
- The company is considering a pre-IPO placement of up to $16.8 million, which could impact the final size of the IPO.
- Utilization of Funds:
- MobiKwik plans to utilize the net proceeds for expanding its financial services and payments businesses.
- Investments are earmarked for areas like artificial intelligence, machine learning, data, product, and technology.
- Other Uses of Funds:
- The funds will also cover capital expenditure related to its payment device business.
- General corporate purposes are cited as another area for utilizing the raised capital.
- Company Background:
- Founded in 2009 and headquartered in Gurugram, Haryana, MobiKwik provides payments, credit, and investment products to both consumers and merchants.
- As of September 2023, MobiKwik claims to have nearly 147 million registered users and a network of 3.8 million merchants.
