Mobikwik has filed its draft red herring prospectus with the Securities and Exchange Board of India for an initial public offering.
The offer will be pure fresh issue of shares up to Rs 700 crore. There is no offer for sale component.
It will consider a pre-IPO placement worth Rs 140 crore, which if completed, will lead to the fresh issue size being reduced.
According to the DRHP, the Gurugram-based company will use proceeds from the fresh issue for four major purposes:
Rs 250 crore for funding growth in the financial services business.
Rs 135 crore for funding growth in the payment services business.
Rs 135 crore for investment in data, machine learning and artificial intelligence and product and technology.
Rs 70.28 crore for capital expenditure for the payment devices business, and general corporate purposes.
In December, Mobikwik had passed a resolution to raise up to Rs 880 crore through an initial public offering via a fresh issuance of equity shares.
This is the company's second attempt to list on the bourses. It had earlier filed its draft red herring prospectus in 2021, at a time when rival Paytm went public and saw a 25% dip on its debut before crashing further.
It had then put its IPO plans on hold, citing market conditions. The earlier IPO was planned to be worth about Rs 1,900 crore, and had received SEBI approval. That comprised of a Rs 1,500 crore fresh issue and a Rs 400-crore OFS component.
The current IPO aims to raise less than half that amount. The company will now wait for SEBI's approval to go ahead for a listing.
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