Little over two years after scrapping its IPO plan, unicorn fintech agency One MobiKwik Systems Ltd. has once more filed papers for an preliminary share sale to raise up to ₹700 crore.
However, the quantity to be raised by means of the Initial Public Offering (IPO) is method decrease than ₹1,900 crore it had proposed when it filed the draft papers in July 2021.
One MobiKwik Systems Ltd, a agency backed by Peak XV Partners, is now trying to mop up ₹700 crore by means of a recent concern of shares, in accordance to the Draft Red Herring Prospectus (DRHP) filed on Thursday.
The firm might contemplate a pre-IPO placement of its securities price up to ₹140 crore. If such a placement is undertaken, the scale of the recent concern will probably be lowered.
Going by the draft papers, the proceeds from the recent concern to the tune of ₹250 crore will probably be used for funding progress within the monetary providers enterprise and ₹135 crore for the cost providers enterprise.
Further, ₹135 crore for funding in knowledge, machine studying and synthetic intelligence, and product and expertise, ₹70.28 crore for capital expenditure for the cost units enterprise, and normal company functions.
The supply is being made by means of the book-building course of, whereby not lower than 75% of the problem will probably be obtainable for allocation to certified institutional consumers.
Not greater than 15% of the supply will probably be obtainable for allocation to non-institutional traders, and less than 10% of the problem will probably be obtainable to retail particular person bidders, as per the DRHP.
The firm had withdrawn the sooner IPO draft papers in November 2021 citing weak market situations.
MobiKwik, the corporate’s flagship utility, supplies shoppers entry to numerous cost choices and monetary merchandise in digital credit score, investments, and insurance coverage.
Co-founded by Bipin Preet Singh and Upasana Taku in 2009, the agency’s major aim is to utilise expertise to improve monetary inclusion for the underserved inhabitants in India.
The agency caters to companies and retailers with intensive funds and monetary providers akin to on-line checkout, Kwik QR scan and pay, MobiKwik Vibe (Soundbox), MobiKwik EDC machine, and service provider money advance.
Through its subsidiary Zaakpay, it operates as a B2B cost gateway for e-commerce companies and has acquired the Reserve Bank of India’s nod to function as a funds aggregator.
The fintech firm can also be backed by marquee traders akin to Bajaj Finance, wealth fund Abu Dhabi Investment Authority and American Express.
As of September 30, 2023, MobiKwik has amassed 146.94 million registered customers and enabled 3.81 million retailers to conduct on-line and offline funds.
One MobiKwik Systems’ income from operations stood at ₹381.09 crore and revenue after tax was ₹9.48 crore for the six months ended September 30, 2023.
SBI Capital Markets Ltd and DAM Capital Advisors Ltd are the book-running lead managers, and Link Intime India Pvt Ltd is the registrar for the IPO.
The firm’s fairness shares are proposed to be listed on the BSE and NSE.
