One MobiKwik Systems Ltd, the payment platform, has made adjustments to its initial public offering (IPO) plans, reducing the issue size from Rs 1,900 crore to Rs 700 crore. The company has refiled the draft papers with the Securities Exchange Board of India (Sebi) to initiate public fundraising.
Originally, in July 2021, One MobiKwik Systems Ltd had submitted the draft red-herring prospectus to Sebi for a Rs 1,900-crore IPO. The revised issue will be entirely a fresh offering, and there is a possibility of pre-IPO placement for securities worth Rs 140 crore, a move guided by lead managers that might impact the fresh issue size.
Of the total funds, Rs 135 crore is earmarked for the expansion of financial services, another Rs 135 crore is designated for investments in data and technology, and Rs 70.28 crore will be allocated for capital expenditure related to payment devices. The remaining funds will cater to general corporate requirements.
Co-founded by Bipin Preet Singh and Upasana Taku, who bring together expertise in scalable technology and finance, MobiKwik is on a mission to enhance financial inclusion in India through technology. The company offers a range of payment solutions, including online checkout, Kwik QR scan, MobiKwik Vibe, EDC Machine, and Merchant Cash Advance, catering to businesses and merchants.