Fintech unicorn Mobikwik selects banks for IPO

It is also said that Mobikwik is expected to file its initial prospectus as early as the next month.

Fintech player One Mobikwik Systems Ltd has chosen the banks for its upcoming $84-million initial public offering (IPO), Bloomberg has said.

The Gurugram-based fintech unicorn is collaborating with DAM Capital Advisors Ltd and SBI Capital Markets Ltd for the IPO preparations, with plans to submit an initial prospectus in December, the news agency cited sources as saying.

The share sale is anticipated to take place in 2024, the sources said.

MobiKwik's Rs 1,900 crore IPO hit pause after Paytm's turbulent debut

MobiKwik had received approval from the market regulator for its Rs 1,900-crore IPO, involving a fresh issue of Rs 1,500 crore and an Offer-for-Sale (OFS) of Rs 400 crore. The Draft Red Herring Prospectus (DRHP) for the IPO was filed with Sebi in July. Nevertheless, MobiKwik's IPO ambitions came to a halt in November 2022, following the challenging IPO experience of Paytm

In an interview with Moneycontrol in March this year, Mobikwik's Chairperson, Cofounder & COO Upasana Taku stated that the company intends to initiate the process for filing an Initial Public Offering (IPO) within the upcoming 12-18 months.

The fintech firm recorded a consolidated profit of Rs 5 crore in the September 2023 quarter. Its revenue grew 52 percent to Rs 208 crore during the reported quarter from Rs 136.9 crore in the September 2022 quarter.