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MobiKwik cuts over 70% valuation after reduced IPO target
Indian fintech platform MobiKwik prices the company’s valuation at US$250 million, a drop from the US$924 million valuation reported in 2021.
This comes as it has reduced its IPO target to US$69 million, marking the third adjustment since its original 2021 plans.
Supported by investors Peak XV and ADIA, MobiKwik has set its IPO price band at 265-279 rupees (US$3.1-US$3.3).
The IPO is slated to open on December 11, with shares beginning to trade on December 18.
The company plans to use the IPO proceeds for growth initiatives and AI investments.
Recent MobiKwik developments
| Timeline |
|---|
05-Jan-2024 🚀 MobiKwik to raise $84.2m in India IPO
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29-Nov-2023 📈 MobiKwik teams up with DAM, SBI for potential $84m IPO
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09-Mar-2022 🚀 🇮🇳 Roundup: IPO-bound Mobikwik’s revenue climbs 86%
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08-Oct-2021 🚀 India Roundup: Mobikwik gets Indian regulator nod for $255m IPO, and other news
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| 22-Mar-2021 💰 Sources: MobiKwik targets up to $250m in IPO on Indian exchange |
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