Gurgaon-based mobile wallet service firm MobiKwik plans to raise up to $255 million in an initial public offering, becoming the latest Indian startup to explore the public markets.
The 12-year-old firm, which counts Sequoia Capital India and Abu Dhabi Investment Authority among its investors and has raised about $250 million to date, plans to offer new shares of up to $201 million and sell up to $54 million worth of equity shares, according to papers submitted to the market regulator on Monday.
The firm is targeting a valuation of about $1 billion in the IPO, according to two people familiar with the matter.
MobiKwik said its total income for the year that ended in March 2021 was about $40.5 million, down 18%, while its loss also shrank 12% to $14.9 million during the period.
MobiKwik’s move comes as a handful of Indian startups including Zomato and Paytm are working to list on stock exchanges.
This is a developing story. More to follow…