Private Sector

Mobikwik gets SEBI nod for Rs 1,900 crore IPO: Sources

Mobikwik gets SEBI nod for Rs 1,900 crore IPO: Sources

Mobikwik gets SEBI nod for Rs 1,900 crore IPO: Sources

Mobikwik gets SEBI nod for Rs 1,900 crore IPO: Sources – Fintech major Mobikwik has gotten endorsement from the Securities and Exchange Board of India (SEBI) to launch its Rs 1,900 crore beginning public deal (IPO), making ready for the primary Indian fintech organization to list on the bourses, two sources acquainted with the matter told BusinessToday.

The IPO offer size involves a new issue of value shares of up to Rs 1,500 crore and a proposal of offer for specific existing investors of up to Rs 400 crore. Mobikwik will contribute the returns from the IPO to extend its portable wallet and to develop its Buy Now Pay Later (BNPL) platform through natural and inorganic drives, sources said.

The Gurgaon-settled organization had documented its Draft Red Herring Prospectus (DRHP) in July this year.

BT has connected with the organization for an authority remark. The story will be refreshed as and when they react.

Mobikwik, which was launched as a wallet in 2009 and began its BNPL platform in 2019, is centered around addressing India’s neglected credit needs. Its BNPL platform consolidates the comfort of ordinary payments alongside the particular advantages of BNPL, yet by utilizing Big data. The stage, as per the organization, has seen outstanding development with 23 million pre-supported clients, as of June 30, 2021.

Mobikwik had additionally brought more than $35 million up in 2021, with the latest being $20 million from the Qatar-based Abu Dhabi Investment Authority in June this year.

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