MobiKwik IPO: Gurugram-Based Firm Secures SEBI Nod To Raise ₹700 Crore Public Issue

One MobiKwik Systems Limited, a Gurugram based company known for its payments platform, is gearing up for its public issue. The company aims to raise to Rs 700 crore through the Initial Public Offering (IPO).

Regulatory Green Light

MobiKwik has received final observations from the Securities and Exchange Board of India (SEBI) regarding its IPO. This follows a refiling of its IPO papers earlier this year on January 4, 2024.

The company is set to issue new equity shares, with no existing shares being sold by current stakeholders, allowing for a fresh influx of capital.

Details of the public issue

The proceeds from this IPO will be used as follows:

Financial Services Expansion - Rs 250 crore; to bolster its offerings in the financial sector.

Payment Services Growth - Rs 135 crore; to improve services for seamless transactions for users.

Investment in Technology - Rs 135 crore; focusing on data analytics, machine learning, artificial intelligence, and improving product offerings.

Capital Expenditure - Rs 70.28 crore; investing in payment devices to improve its infrastructure.

General Corporate Purposes: For ensuring operational efficiency.

The IPO is being managed by SBI Capital Markets Limited and DAM Capital Advisors Limited, with Link Intime India Private Limited serving as the registrar.

Once listed, the equity shares will be available on both the BSE and NSE.

About the company

The company was founded by Bipin Preet Singh and Upasana Taku. . The company provide services including online checkouts, QR code payments, and merchant cash advances.

The company operates Zaakpay, a B2B payment gateway, and has secured RBI approval for its Payment Aggregator business.

The company has 146.94 million registered users and supports 3.81 million merchants in processing payments as of September 30, 2023.