MobiKwik Gets SEBI Nod For IPO Launch

October 9, 2021 daknewsnetwork

MobiKwik gets SEBI nod for IPO launch, the company will raise Rs 1,900 crore from the market.

Online payment facility company MobiKwik is soon going to bring its Initial Public Offering (IPO) in the market.

For this MobiKwik has also got approval from the market regulator Securities and Exchange Board of India (SEBI). The company plans to raise Rs 1,900 crore from the market through its IPO.

This IPO of the company includes new shares of Rs 1,500 crore and the sale of shares worth 400 crores under the offer for sale.

Under this sale, the company’s two founders and existing investors will sell their stakes. Which includes Sequoia Capital, Bajaj Finance, and American Express.

The Gurugram-based company had in July filed a draft red herring prospectus (DRHP) with Sebi for an initial public offering.

Company Promoter, Upasana Taku along with American Express Travel Related Services Company Inc., Bajaj Finance, Cisco Systems (USA) Pte Ltd.,

Sequoia Capital India Investment Holdings III, Sequoia Capital India Investments IV, Tree Line Asia Master Fund (Singapore) Pte Ltd., and Bipin Preet Singh will sell their shares through IPO.

The proceeds from the fresh issue of shares will be used to fund organic as well as inorganic development initiatives and general corporate purposes.

Last month, MobiKwik said its listing should reward its employees through ESOPs issued to them.

About MobiKwik.

MobiKwik Systems is a leading Mobile Wallet (MobiKwik Wallet) and Buy Now Pay Later (BNPL) player in India.

The company is focusing on meeting the unmet credit needs of fast-growing online transaction users by combining the convenience of daily mobile payments with the benefits of Buy Now Pay Later.

This company was started in the year 2009 by Upasana Taku and Bipin Preet Singh.

8 percent ethanol being mixed in petrol, by 2025 there will be so much adulteration.

The target of Petrol Ethanol Mixture has been achieved in all the States and Union Territories. This mixed level is likely to reach around 8.3 percent in the marketing year 2020-21 ending November.

Public sector company Hindustan Petroleum Corporation Ltd. (HPCL) official said that in the year 2019-20, the level of ethanol blending with petrol was 5 percent.