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Fintech may postpone plan on moderate investor interest

Indian payments firm MobiKwik could postpone its initial public offering (IPO) scheduled for this month given moderate investor interest, sources have informed CNBC-TV18.

“The change in the IPO plan is due to a poor response to Paytm and skepticism about fintech models. The company is unable to get the billion dollar valuation that she’s researching, “sources said.

The company was last valued at $ 750 million in June 2021 when the Abu Dhabi Investment Authority (ADIA) injected $ 20 million. The prices of unlisted shares have fallen 15% since the prior listing on Paytm.

The company was originally scheduled to launch its IPO in November. The IPO proposed by MobiKwik consists of a new issue of Rs 1,500 crore and an offer for sale of Rs 400 crore (OFS).

Meanwhile, market regulator Sebi approved Mobikwik’s IPO of Rs 1,900 crore on October 7, 2021.

The company reported a loss of Rs 111 crore in fiscal year 21.

CNBC-TV18 awaits a response from MobiKwik on development.

(Edited by : Anshul)

First publication: STI


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