On Friday, Fintech unicorn MobiKwik made a significant move by filing its draft red herring prospectus (DRHP) with the markets regulator SEBI, marking its second attempt to raise Rs 700 crore through fresh share issuances.
This DRHP notably excludes any offer-for-sale (OFS) component, instead targeting a pre-IPO round to secure Rs 140 crore.
As per the prospectus, the company, established in 2009 by Bipin Preet Singh and Upasana Taku, doesn't intend to sell any existing shares in the IPO.
In 2021, MobiKwik, supported by Peak XV, Abu Dhabi Investment Authority, and American Express, initially pursued an IPO to gather approximately $250 million through the sale of both new and existing shares. However, the IPO plans were put on hold amidst global uncertainties and a challenging funding environment.
This year, in October, the digital banking platform released its unaudited financial results for the second quarter of FY24, reporting a remarkable 52% revenue growth compared to the corresponding period in FY23. Additionally, it marked its second consecutive quarter of PAT profitability, showcasing a positive trend in its financial performance.
(With Agency Inputs)
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