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MobiKwik IPO: MobiKwik’s IPO gets approval from SEBI, the company will raise 1900 crores from the market

MobiKwik IPO: MobiKwik's IPO gets approval from SEBI, the company will raise 1900 crores from the market

IPO will be of 1900 crores.

MobiKwik IPO: MobiKwik has received approval from the Securities and Exchange Board of India (SEBI) for an initial public offering (IPO) of Rs 1,900 crore. The Gurugram-based company had submitted documents for IPO (DRHP) with SEBI in July.

The company intends to raise Rs 1,900 crore from the IPO. Under the IPO, new shares worth Rs 1,500 crore will be issued. Apart from this, the existing shareholders of the company will bring an offer for sale worth Rs 400 crore. Merchant banking sources said that SEBI has approved the IPO of MobiKwik. There was no immediate response from the company in this regard.

they will collide

Sequoia Capital and Bajaj Finance Limited have major investments in MobiKwik. The direct competition of this company is with payment apps like WhatsApp Pay, Google Pay, Phone Pay, Paytm. According to a report by PwC, India’s digital payments market could reach $2.3 trillion by 2022-2030. In such a situation, there is a big scope for companies providing digital payment facility like MobiKwik.

There are more than 1 crore users

More than 10 lakh transactions are done through MobiKwik every day. Using MobiKwik, phones can be recharged, bills can be deposited and payments can also be done at many places. At present, more than 30 lakh traders and retailers are associated with MobiKwik. At present, the number of subscribers of Mobikwik is more than 1.07 crores.

Paytm preparing to bring biggest IPO

Earlier, Paytm has also announced to bring the country’s biggest IPO. Paytm’s board has given in-principle approval to a proposal to raise around Rs 22,000 crore through IPO in the October-December quarter this year. The company’s target is that in this IPO, the market value of its entire venture will be above Rs 2 lakh crore. This will also give an opportunity to existing investors to sell some of their shares.

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Shehnaz Ali
Shehnaz is a Corporate Communications Expert by profession and writer by Passion. She has experience of many years in the same. Her educational background in Mass communication has given her a broad base from which to approach many topics. She enjoys writing about Public relations, Corporate communications, travel, entrepreneurship, insurance, and finance among others.

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