MobiKwik files for Rs 1,900 crore IPO, before Paytm

MUMBAI: Ahead of the IPO by the country’s digital payments major Paytm, its peer MobiKwik has already gone a step ahead and filed the draft offer document with the markets regulator Sebi for a Rs 1,900-crore IPO. Paytm is still in the process of finalising its offer document to be filed with Sebi.

According to the offer document by One MobiKwik Systems, the company that runs the MobiKwik platform, total offer shares worth Rs 1,500 crore will accrue through issuance of new shares. Additionally, existing shareholders are offering shares worth Rs 400 crore. The company intends to use the Rs 1,500-crore it raises for funding its organic and inorganic growth initiatives, and for general corporate purposes.

The selling shareholders include co-founders Bipin Preet Singh (about Rs 111 crore in the IPO) and Upasana Rupkrishna Taku (Rs 78.8 crore). Other shareholders also selling are American Express (nearly Rs 10 crore), Bajaj Finance (Rs 69 crore), Cisco Systems (Rs 11.5 crore) and two private equity funds — Sequoia Capital India (nearly Rs 95 crore) and Tree Line Asia (Rs 24.4 crore). BCCL, which publishes this newspaper, holds 1.08% in the company. The IPO is managed by ICICI Securities, BNP Paribas, Credit Suisse, IIFL Securities and Jefferies India.