This is Gurugram-based MobiKwik’s second attempt towards an initial public offering (IPO) after it abandoned its listing plans on account of weak market conditions.
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The fresh issue will also include a pre-IPO placement, as per the company filings with the Registrar of Companies (RoC).
The Peak XV-backed fintech firm had first filed its draft red herring prospectus in July 2021 and had received the approval of market regulator Securities and Exchange Board of India (Sebi) for its Rs 1,900 crore ($255 million) IPO, later in October 2021.
Interestingly, the current public share sale is less than half of what MobiKwik previously intended to raise through listing in the domestic bourses.
Bloomberg had earlier reported that the company was working with DAM Capital Advisors and SBI Capital Markets to prepare for its listing, with the share sale expected to happen in 2024.
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Last year, MobiKwik said that it posted its second consecutive quarterly profit for the quarter ending September 30. For the September quarter, Mobikwik recorded a revenue of Rs 208 crore, up 17% from the previous three months, while total profit stood at Rs 5 crore.
On a half-yearly basis, total revenue for the startup stood at Rs 385 crore while total profit was Rs 8 crore for the fiscal year 2024.
Credit operations contributed to almost 60% of the company’s topline, with the rest coming from digital payments, company cofounder and chief executive Bipin Preet Singh told ET then.
It offers users credit under the Zip franchise and provides personal loans as well as a pay-later option to salaried professionals.
Mobikwik claims to have a base of 140 million users, with a quarter of them (roughly 35 million) being active.