MobiKwik to file for IPO again in next 12-18 months, says co-founder
Gurugram-based payment service provider MobiKwik plans to file for an Initial public offering (IPO) in the next 12-18 months, Upasana Taku – Chairperson, Cofounder & COO of the company told Moneycontrol on March 21, 2023.
“We are ready again to file an IPO in the next 12-18 months. We planned to file it in March 2023 but due to several reasons couldn’t be able to do so. But this time we have decided to go a little small. And it has been seen that in the last one year, hardly any tech company get approval for its IPO from SEBI,” said Taku.
MobiKwik’s IPO plans lapsed in November 2022. MobiKwik had approval from India’s market regulator for its Rs 1,900-crore IPO, which comprised a fresh issue of Rs 1,500 crore and an Offer-for-Sale (OFS) of Rs 400 crore. However, Paytm’s disastrous IPO, which the company took part in with a valuation at $20 billion, dettered MobiKwik.
Despite the fact that MobiKwik ‘s consolidated loss widened 15 percent to Rs 128 crore in FY22, it is sure of at least one-quarter of profit in FY23 and full-year profitability in FY24.
However, the company did not go ahead with its IPO plans after market sentiment turned negative with newly-listed tech stocks taking a beating.
Earlier in July 2022, Taku said One Mobikwik Systems Ltd is in talks with investors to raise as much as $100 million in equity to finance business expansion after it deferred an initial public offering.
