Sequoia-backed mobile wallet Mobikwik selects banks for $84 million IPO
One Mobikwik Systems Ltd. has selected banks for its initial public offering in Mumbai that could raise about $84 million. The Gurugram-based fintech firm is working with DAM Capital Advisors Ltd. and SBI Capital Markets Ltd. for preparations of its listing, the people said, asking not to be identified as the information is private. The company is aiming to file an initial prospectus as soon as next month and a share sale could happen in 2024, they said.
The company turned profitable toward the end of 2021 but deferred its IPO plans following a rout in technology company shares including that of its larger rival Paytm, which went public in November 2011.
Mobikwik would be joining a record number of small and medium-sized companies going public in India amid an equities rally, making the country one of the world’s busiest listings markets this year. So far in 2023, 205 firms have gone public in the South Asian nation, more than in any other full year.
