MobiKwik receives Sebi approval for Rs 1,900 crore IPO

MobiKwik has received markets regulator Sebi’s approval to launch an initial public offering, through which it plans to raise up to Rs 1,900 crore.

The Gurgaon-based company had filed the Draft Red Herring Prospectus (DRHP) for the Initial Public Offering (IPO) with Sebi in July.

Through the IPO, the company plans to offer shares aggregating to Rs 1,900 crore. Out of the total, Rs 1,500 crore will be mopped up through fresh issue of shares, while Rs 400 crore-worth stocks will be offloaded through the Offer-for-Sale (OFS) route by existing shareholders.

According to merchant banking sources, Sebi has approved MobiKwik’s plan for the IPO.