The issue size is reduced by 63% from earlier in the current prospectus to Rs 700 crore. However, no existing investors will sell their shares under the latest IPO plans. About 75% of the issue will be available for allocation on a proportionate basis to qualified institutional buyers, 15% to non-institutional investors, and 10% to retail investors.
MobiKwik had in 2021 filed a draft red herring prospectus (DRHP) with the Securities and Exchange Board of India (Sebi) but eventually abandoned it citing weak market conditions. The size of the new IPO is less than half of the ₹1,900 crore MobiKwik had intended to raise in its first attempt.
Mobikwik 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.