Digital payments firm Mobikwik has filed draft red herring prospectus (DRHP) with the Securities and Exchange Board of India (SEBI) to raise Rs 1,900 crore through initial public offering (IPO).
The company will issue fresh shares worth Rs 1,500 crore, while its existing investors will sell shares worth Rs 400 crore.
Those offering shares through the offer are American Express Travel Related Services Company Inc, Bajaj Finance, Cisco Systems (USA) Pte Ltd, Sequoia Capital India Investment Holdings III, Sequoia Capital India Investments IV, Tree Line Asia Master Fund (Singapore) Pte Ltd, as well as the company's promoters -- Upasana Rupkrishan Taku and Bipin Preet Singh.
The issue also includes a reservation for the company's employees. Proceeds from the fresh issue will be used towards funding organic as well as inorganic growth initiatives and general corporate purpose.
ICICI Securities, BNP Paribas, IIFL Securities, Jefferies India and Credit Suisse Securities (India) Private Limited have been appointed as merchant bankers to advise the company on the IPO.
Last month, Mobikwik had raised $20 million from Abu Dhabi Investment Authority (ADIA), and was valued at $700 million.
The startup claims to conduct 1 million daily transactions across its network, including digital wallets and services like mobile phone recharge and utility bill payments. Over 3 million merchants are registered on its network, which serves over 107 million users.
There has been a flurry of IPOs in the Indian market recently, with many new-age companies like Zomato and Paytm also preparing for public listing. The IPO of food delivery and ordering company Zomato will open on Wednesday.
(With PTI inputs)
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