MobiKwik has announced that it is going to generate Rs 880 crore through an Initial Public Offering (IPO). It is the company’s second attempt at a public listing after abandoning its earlier plans due to unfavourable market conditions. The fundraising initiative will include both a public share sale and a pre-IPO placement, as disclosed in the company’s filings with the Registrar of Companies (RoC).
Originally filing its draft red herring prospectus in July 2021, MobiKwik received approval from the Securities and Exchange Board of India (SEBI) in October 2021 for a larger Rs 1,900 crore ($255 million) IPO. However, the current public share sale aims to raise less than half of the initially intended amount.
The company recorded a revenue of Rs 208 crore, showing a 17 per cent increase from the previous three months. The total profit for the same period stood at Rs 5 crore. On a half-yearly basis, the company’s total revenue for the fiscal year 2024 amounted to Rs 385 crore, with a total profit of Rs 8 crore.
Approximately, 60 per cent of the company’s revenue is attributed to credit operations, while the rest is generated from digital payments.
Led by Bipin Preet Singh, Co-Founder and CEO, MobiKwik provides personal loans and a pay-later option tailored for salaried professionals.