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Digital financial services firm One Mobikwik Systems (Mobikwik) has received SEBI approval for an initial public offering (IPO) of up to ₹1,900 crore.
The IPO may hit the market in the first week of November, sources said.
The Mobikwik IPO proposes to include 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.
It may be recalled that Mobikwik had on July 12 filed with SEBI its prospectus for an IPO.
Mobikwik is likely to tap the IPO market when its competitor Paytm is also eyeing a mega IPO launch 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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