Prior to the MobiKwik IPO, anchor investors raised Rs. 257 crore collected

Fintech company One Mobiquik Systems on Tuesday said it has received Rs 10,000 from anchor investors ahead of its initial public offering (IPO). 257 crores have been obtained. Foreign and domestic institutions participating in the anchor round include Government Pension Fund (Norges Fund), Eastspring Investments, Morgan Stanley Investments, White Oak Capital, 360 One Asset and Wealth Management, HDFC Mutual Fund (MF), Axis MF, SBI MF and SBI General Insurance. , as per the circular uploaded on BSE’s website.

According to the circular, MobiKwik has decided to allot 92.26 lakh equity shares to 21 funds at Rs 279, which is also the upper end of the price band. This brings the transaction size to Rs. 257.4 crores.

The IPO is fully priced at Rs. There is a fresh issue of up to 572 crore equity shares without any offer-for-sale (OFS) component. per share Rs. The issue with a price band of 265-279 will be open for subscription from December 11 to 13.

According to the Red Herring Prospectus (RHP), Peak XV Partners (formerly Sequoia Capital India) held a 16.7 percent stake, while Abu Dhabi Investment Authority (ADIA) held a 2.8 percent stake in MobiKwik.

Rs. 150 crore to use the proceeds from the fresh issue for organic growth in its financial services business, Rs. 135 crore for expansion of its payment services and Rs. 107 crore will be used for research and development in AI, machine learning and technology.

From IPO Rs. 70.2 crore will also be used for capital expenditure on payment devices and general corporate purposes.

This is the second attempt for a public issue by the Gurugram-based firm after its first attempt in July 2021. Earlier, the company shelved its IPO plans and withdrew its draft papers due to adverse market conditions.

MobiKwik, the company’s flagship app, offers customers access to various payment options and financial products in digital credit, investments and insurance.

It was founded by Bipin Preet Singh and Upasana Taku. The company faces stiff competition from major players including PhonePe, Paytm, Airtel Payments Bank and Freecharge.

In FY24, the digital payments firm posted Rs. 890.3 crore in FY23 as compared to Rs. 561.6 crore and in FY22 Rs. 543.2 crores.

It is estimated to be Rs. 128.16 crore and Rs. 83.8 crore was lost. However, for the financial year 2023-24, the company has Rs. 14.08 crore profit was recorded.

SBI Capital Markets and DAM Capital Advisors are the book-running lead managers.

It is proposed to list the equity shares of the company on BSE and NSE.