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Deepti Sri · · 1 min readReport: Sequoia-backed Indian fintech firm Mobikwik files for $255m IPO
“Digital payments firm Mobikwik, backed by Sequoia Capital and Bajaj Finance, filed a draft red herring prospectus (DRHP) for an IPO of up to 19 billion rupees (US$255 million) on Monday with the Securities and Exchange Board of India,” reported Livemint.
Details:
- The company has appointed the firms ICICI Securities, BNP Paribas, Credit Suisse, and Jefferies, among others, as its bookrunners. It has also announced an additional issue of shares worth 15 billion rupees (US$201.5 million).
- The fresh funds will be used for organic as well as inorganic growth initiatives, apart from general corporate purposes.
Dive deeper:
- The development comes after Mobikwik rival Paytm announced plans to file for a DRHP as well. Paytm is also one of India’s top-funded startups and tech companies. (Read: Meet the 50 top-funded startups and tech companies in India)
- Meanwhile, Zomato’s IPO offering is scheduled between July 14 and July 16, with the online food delivery firm looking to raise as much as US$1.1 billion by going public at an expected valuation of US$6 billion to US$8 billion. (Read: Sizing up Zomato, India’s food delivery app)
Currency converted from US dollar to Indian rupees: US$1 = 74.49 rupees.
Editing by Collin Furtado and September Grace Mahino
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