Mon Dec 09 12:28:24 UTC 2024: ## MobiKwik Downsizes IPO to ₹572 Crore, Opens for Subscription on December 11

**Gurugram, India –** Fintech firm MobiKwik will launch its initial public offering (IPO) on December 11th, seeking to raise ₹572 crore (approximately $69 million USD) through a fresh issue of equity shares. This marks the third reduction in the size of the IPO. The offering, priced between ₹265 and ₹279 per share, will close on December 13th.

The company plans to allocate the funds towards growing its financial services business (₹150 crore), expanding its payments business (₹135 crore), and investing in research and development, focusing on data science, AI/ML, and product technology (₹107 crore).

MobiKwik’s current valuation is estimated at $197 million, increasing to $264 million post-IPO. This represents a significant decrease from its peak valuation of $924 million in 2021. The IPO allocation is structured with 75% reserved for Qualified Institutional Buyers (QIBs), 15% for Non-Institutional Investors (NIIs), and 10% for retail investors. A minimum investment of ₹14,787 (for 53 shares) is required.

SBI Capital Markets and DAM Capital Advisors are managing the book-running for the IPO. Peak XV is the largest external shareholder, holding 16.7% of the company, followed by Bajaj Finance with 13.41%. Co-founders Bipin Preet Singh and Upasna Taku hold 19.21% and 13.06%, respectively.

MobiKwik reported revenue of ₹342.2 crore in the first quarter of the current fiscal year (Q1 FY25), with a marginal loss of ₹6.6 crore. The company achieved a 62% year-on-year revenue growth in FY24, reaching ₹875 crore, and ended the fiscal year with a profit of ₹14 crore.

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