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The parent company of Indian payments firm MobiKwik has filed to raise ₹700 crore (~$84.2m) through a local IPO.

Why it matters: After several years of volatile markets, the Indian IPO window appears open once again.

Details: One MobiKwik Systems Ltd. refiled its draft red herring prospectus (DRHP) with the Securities and Exchange Board of India (SEBI), offering fresh equity shares with no secondary component.

MobiKwik plans to use ₹250 crore (~$30m) to fund growth in its financial services business, ₹135 crore (~$16m) for its payment services business, ₹135 crore (~$16m) to invest in and AI products and technology, and ₹70 crore ($8.4m) for capex in its payment devices business and general corporate purposes.

The company intends to raise a pre-IPO placement of up to ₹140 crore ($16.8m) through its book-running lead managers (BRLMs), which could reduce the size of the public offering.

By the numbers: MobiKwik is one of the largest mobile wallets and BNPL providers in India, with more than 146 million registered users and 3.8 million merchant partners.

For its most recent fiscal year, the company's revenue increased to ₹539.47 crore ($64.8m), up from ₹526.56 crore ($63.3m) in the prior year.

Its loss narrowed 34.6% year over year, from ₹128.16 crore ($15.4m) in fiscal 2022 to ₹83.81 ($10.1m) crore in fiscal 2023.

However, it swung to a ₹9.48 crore ($1.1m) profit in the first six months of fiscal 2024.

Flashback: This is MobiKwik's second try at an IPO after filing with SEBI in July 2021 to raise ₹1,900 crore (~$229m) through a mix of new and secondary shares.

It ultimately abandoned that attempt due to volatile market conditions.

State of play: MobiKwik follows Indian startups Ola Electric and FirstCry in filing for IPO in recent months.

India ended 2023 with 23 IPOs in the final quarter, a meaningful percentage of the 57 public listings in the country for the year.

Of note: SBI Capital Markets Ltd. and DAM Capital Advisors Ltd. are its BRLMs, with Link Intime India Private Ltd. serving as the offer registrar.

Shares will be listed on the BSE and NSE.

Investors in MobiKwik include Peak XV, American Express, and Abu Dhabi Investment Authority.

Indian payments firm MobiKwik files to raise $84M in IPO

The Indian IPO window appears open once again.

Illustration of a handshake between two people in front of a background designed with a graphic Indian flag pattern, surrounded by an Indian rupee border.

Fintech

The parent company of Indian payments firm MobiKwik has filed to raise ₹700 crore (~$84.2m) through a local IPO.Why it matters: After several years of volatile markets, the Indian IPO window appears open once again.

Indian payments firm MobiKwik files to raise $84M in IPO

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