Digital payments firm Mobikwik, backed by Sequoia Capital and India’s Bajaj Finance, filed for an initial public offering (IPO) worth up to 19 billion rupees ($255 million) with the markets regulator on Monday.
The IPO includes the issue of new shares worth 15 billion rupees and an offer for sale of shares worth up to 4 billion rupees, diluting the stakes of its two founders and current investors, which also include American Express, Cisco and Treeline Asia.
Mobikwik has hired ICICI Securities, BNP Paribas, Credit Suisse, IIFL Securities and Jefferies as book managers for the IPO.
One97 Communications Ltd, the parent of digital payments firm Paytm, Mobikwik's bigger rival, is also planning to raise $2.3 billion via an IPO, sources previously told Reuters.
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