700 Crore IPO: IPOs of many big and small companies are going to come in the year 2024. In the first week of the year, the IPO of a small company KC Energy surprised everyone by giving almost 5 times returns. Now it is the turn of MobiKwik. Payment business giant Mobikwik is about to launch an IPO of Rs 700 crore. The company has submitted the documents of this IPO to the market regulator SEBI. With this, a stir has started among the companies working in the Payment Business Segment. The company also wanted to bring a big IPO in 2021. But, seeing no interest among investors, it was withdrawn.
Plan to raise Rs 140 crore through pre IPO placement
According to the information, MobiKwik (One MobiKwik Systems Ltd) is planning to collect Rs 140 crore through pre-IPO placement. If it is successful then the size of the IPO (Initial Public Offering) will be reduced. SBI Caps and DAM Capital will manage this issue.
The company’s board had approved the IPO of Rs 880 crore.
The company is again trying to launch an IPO. The company has already tried to launch an IPO once. The company’s board this week had approved the proposal to launch an IPO of Rs 880 crore by issuing fresh equity shares. But, the company is going to bring an IPO of even less amount than that.
An attempt was made to launch an IPO of Rs 1900 crore in November 2021.
For the first time, the company had tried to launch an IPO of Rs 1900 crore in November 2021. But, due to lack of interest from investors, this IPO was withdrawn. Like last time, this time there will be no option of offer for sale.
The money will be used to further the business
The company will use the money coming from this Rs 700 crore IPO to expand its business. Out of this, Rs 250 crore will be spent on financial services business, Rs 135 crore on payment business and Rs 135 crore on data, ML, AI, product and technology. The remaining Rs 70 crore will be spent on capital expenditure and other things.
