Summary:
MobiKwik drastically cuts its IPO valuation from $924 million to just $250 million.
The IPO price band is set between ₹265-₹279 ($3.1-$3.3).
Aims to raise $69 million in the upcoming IPO, significantly lower than the $255 million initially targeted.
The IPO opens on December 11 and trading starts on December 18.
MobiKwik serves 161 million users and 4.26 million merchants.
In Brief
Posted: 10:33 PM PST · December 5, 2024
Image Credits: Dhiraj Singh / Bloomberg / Getty Images
MobiKwik, an Indian financial services startup, has significantly reduced the size of its planned IPO for the third time, now setting a price band of ₹265-₹279 ($3.1-$3.3), valuing the company at just $250 million. This marks a sharp decline from its last private valuation of $924 million in 2021.
The Gurugram-based fintech, backed by Peak XV and ADIA, aims to raise approximately $69 million in this IPO, which is considerably lower than the $255 million it initially targeted back in 2021. The IPO is set to open on December 11, with trading commencing on December 18.
Operating one of the most popular mobile wallet apps in India, MobiKwik has faced challenges in maintaining its relevance following the widespread adoption of a government-backed payment protocol, UPI. To date, the startup has raised over $268 million.
MobiKwik plans to utilize the proceeds from the IPO to fund its growth initiatives and to invest in AI technologies. Currently, the startup serves 161 million users and 4.26 million merchants across India.
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