Indian financial services startup MobiKwik has reduced the size of its planned IPO for the third time, setting a price range of ₹265-279 ($3.1-$3.3) and a valuation of 250,000 yen. This amounted to $1,000,000, a significant drop from the previous undisclosed valuation. In 2021, it will reach $924 million.
The Gurugram-based fintech company, backed by Peak The amount is less than that. The IPO will open on December 11th and shares will begin trading on December 11th. December 18th.
The 15-year-old startup operates one of the most widely used mobile wallet apps in India. But UPI, a government-backed protocol, has struggled to remain relevant since its widespread adoption. The company has raised more than $268 million to date.
MobiKwik says it will use the proceeds from the IPO to fund growth and invest in AI. The startup serves 161 million users and 4.26 million merchants.