Mobikwik refiles draft papers to raise Rs 700 crore

Bengaluru: Following a gap of over 2 years, payment platform Mobikwik has once again filed its draft red herring prospectus with markets regulator Securities and Exchange Board of India to raise Rs 700 crore, the unicorn fintech firm said on Friday.

“The company did not find market conditions favourable to go ahead with the IPO last time,” an individual with knowledge of the matter revealed. The Gurugram-based company had earlier received approval for a public issue in 2021.

The initial public offering will consist of an entirely fresh issue of equity shares with a face value of Rs 2 apiece, the company said.