Sequoia-backed MobiKwik refiles DRHP with Sebi for Rs 700 crore IPO

Online payments company One MobiKwik Systems Ltd has refiled its draft red herring prospectus (DRHP) with the markets regulator to raise Rs 700 crore from its initial public offering (IPO), after letting it lapse due to meltdown of new-age stocks. This IPO is less than half the previous issue size.

Previously, in 2022, MobiKwik planned to raise Rs 1,900 crore through its IPO, comprising a fresh issue of shares of up to Rs 1,500 crore and an offer for sale of up to IRs 400 crore. In the new DRHP, the company said it will consider a pre-IPO placement of Rs 140 crore. If this pre-placement is completed, the fresh issue size will be reduced.