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MobiKwik IPO relisted at 37% of initial issue

Mumbai: This will be its second attempt to go public, a MobiKwik Systems – the parent company of fintech firm MobiKwik – on Friday filed a fresh SEBI to submit draft red herring prospectus Rs 700 crore Through fresh issue of shares.
size of proposal IPO That’s 50% less than the previous issue, which was planned at Rs 1,900 crore. IPO does not have an offer for sale component. The company said it may do a pre-IPO placement of up to Rs 140 crore.
MobiKwik will use the IPO proceeds to fund the growth of its financial services and payment services businesses and invest in data and technology tools such as AI and ML. In an interview with TOI last year, co-founder and CEO Bipin Preet Singh had said that the company’s digital credit GMV (gross merchandise value) has seen multifold growth over the past few years.

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