Saturday, June 22, 2024
HomeNewsMobiKwik eyes fresh IPO in 12-18 months

MobiKwik eyes fresh IPO in 12-18 months

MobiKwik, which had delayed its initial public offering (IPO) in November 2021 due to uncertain markets and rival Paytm’s dismal debut, is now aiming to go public in the next 12 to 18 months, according to UpasanaTaku, chairperson, co-founder, and COO.

“We had planned (the IPO in) March 2022 but before that the Ukraine war happened, and Nasdaq started crashing. So, all the multiples were going down,” Taku said on the sidelines of an event, adding that the fintech firm continues to be in an IPO ‘ready mode’.

The IPO size may be reduced from the earlier planned Rs 1,900 crore offering. “We will try to go at it a little small because the main thing is to get it done. It’s a difficult market,” Taku said. In the interim, the company may look at raising funds, Taku hinted without giving details.

It raised over Rs 50 crore in debt funding last year. According to Taku, MobiKwik‘s annual cash burn is now less than Rs 50 crore. 

“In the new financial year (starting April 1), we are looking at being fully profitable on Rs 1,000 crore topline. That’s what we are working towards,” Taku said.

Going into the new fiscal year, the company will conduct a preliminary assessment of its financial performance and submit new draft IPO papers to Sebi in response, Taku added.

Aside from a tough market, companies aiming to go public will undergo more intense regulatory scrutiny. Oravel Stays, the company that runs Oyo, was one of six companies whose draft IPO papers, Sebi, recently returned.

Subscribe To Newsletter

ICYMI

BRL Editor
BRL Editorhttps://businessreviewlive.com
Business Review Live covers finance, technology, travel, lifestyle, and everything in between through exclusive interviews and analysis, market statistics, digital video, and an expanded array of content formats.