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Digital financial services firm One Mobikwik Systems (Mobikwik) has filed its DRHP for an initial public offer of upto ₹1,900 crore with market regulator SEBI on Monday.
The IPO includes fresh issue of shares worth ₹1,500 crore and offer for sale by certain existing shareholders to the tune of ₹400 crore.
The selling shareholders in the OFS include American Express (₹9.9 crore), Bajaj Finance (₹68.9 crore), founder Bipin Preet Singh (₹111 crore), founder Upasana Taku (₹78.2 crore), Sequoia Capital (₹94 crore), Cisco Systems (₹11 crore) and Treeline Asia (₹ 24 crore). The company's book runners include ICICI Securities, BNP Paribas, Credit Suisse and Jefferies.
Valuation
Mobikwik has filed its prospectus for an IPO at a time when its competitor Paytm is widely expected to file its draft red herring prospectus (DRHP) for a mega IPO this week to raise as much as $2.3 billion sometime in November.
Mobikwik was valued at $700 million after it raised $20 million in June from Abu Dhabi Investment Authority (ADIA). In fiscal 2020-21, Mobikwik reported a net loss of ₹111 crore on a total income of ₹302 crore.
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