MobiKwik has received the Securities and Exchange Board of India’s (SEBI) approval to raise Rs 1,900 crore through an initial public offering (IPO). The company had filed the Draft Red Herring Prospectus (DRHP) for the IPO with SEBI in July.
Proceeds from the fresh issue of shares will be used towards funding organic as well as inorganic growth initiatives and general corporate purposes. ICICI Securities, BNP Paribas, Credit Suisse Securities (India) , IIFL Securities and Jefferies India are the book running lead managers for the IPO.
The company is one of the largest mobile wallets and buy now pay later (BNPL) players in India.