India regulator approves MobiKwik's thought to open IPO -source

NEW DELHI, Oct 8 (Reuters) - India's capital markets regulator on Friday licensed digital funds firm MobiKwik's thought to open an initial public offering (IPO) of shares worth as a lot as 19 billion rupees ($253.41 million), two sources straight away privy to the matter said.

The IPO entails the pronounce of contemporary shares worth 15 billion rupees and an offer for the sale of shares worth as a lot as 4 billion rupees, diluting the stakes of its two founders and as a lot as date investors along side Sequoia Capital, Bajaj Finance (BJFN.NS) and American Reveal (AXP.N)

MobiKwik, which would possibly perchance additionally record on a bourse in as early as two weeks, is eyeing a valuation of as a lot as $1.7 billion in the IPO, one of the precious sources told Reuters.

MobiKwik didn't reply to a inquire of for commentary.

It has hired ICICI Securities, BNP Paribas, Credit Suisse, IIFL Securities and Jefferies as book managers for the IPO.

MobiKwik, headquartered on the outskirts of capital Contemporary Delhi, became primarily based over a decade ago by the husband and spouse duo of Bipin Preet Singh and Upasana Taku. It at the moment affords several monetary products and services, runs a digital wallet, permits funds for utilities and additionally affords products and services equivalent to 'desire-now-pay-later'.

Indian stock markets possess hit an all time excessive this year, which has additionally considered many tech startups vying to record publicly. Food supply firm Zomato (ZOMT.NS) kicked off the startup itemizing enhance earlier this year whereas several other corporations are making ready for an IPO.

MobiKwik's bigger rival Paytm is additionally planning to purchase $2.3 billion through an IPO, Reuters reported beforehand. be taught more

($1 = 74.9775 Indian rupees)

Reporting by Sankalp Phartiyal; editing by Jason Neely and Kim Coghill

Our Requirements: The Thomson Reuters Have confidence Rules.

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