This is the Gurugram-based company’s second attempt towards an IPO after it abandoned its listing plans in 2021, on account of weak market conditions.
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The company may also consider a pre-IPO placement of up to Rs 140 crore as a part of the offer. It said in the DRHP that if it completes the pre-IPO private placement of shares, the size of the fresh issue will be reduced proportionally.
It expects to utilise the net proceeds towards growing its existing lines of business.
According to the offer document, MobiKwik is expected to use Rs 250 crore for growth of its financial services business; Rs 135 crore to grow its payments services business lines, with the rest for building data, machine learning and artificial intelligence-related products for users.
For the six month period ending September 30, 2023, MobiKwik recorded a total revenue from operations of Rs 381 crore, with total profits standing at Rs 9.5 crore.
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In FY23, the company recorded total revenue from operations of Rs 540 crore, up marginally by 2.5% over the previous fiscal (FY22). As revenues saw a slight increase, the company reduced its losses by 34% to Rs 83.8 crore in FY23. Earlier this week, the board of MobiKwik passed a resolution to raise Rs 880 crore via a fresh issue of shares through a public listing.
Interestingly, the current public share sale is less than half of what MobiKwik previously intended to raise through listing in the domestic bourses, as it set out to raise Rs 1,900 crore ($255 million) during its first attempt to IPO.