MobiKwik May Defer IPO As Valuation Drops: Report


New Delhi: Digital payments firm MobiKwik could delay its initial public offering (IPO) by two to three months and could even push it to the next financial year as it struggles to get foreign institutional backers at the right valuation, the Economic Times reported on Tuesday.

The report comes just days after larger rival Paytm’s dismal market debut that saw its shares tumble more than 28 per cent.

MobiKwik has been advised to not go ahead with its IPO as it may be hard to find enough demand from institutional investors, both foreign and domestic, the report stated citing sources.

Paytm’s listing, counted to be among the worst in India’s large IPOs, also raised concerns about overvaluation in the domestic equity market.

Backed by Sequoia Capital and Bajaj Finance, MobiKwik had filed for an IPO of up to Rs 1,900 crore in July this year.

The firm offers financial services, runs a digital wallet and allows payments for utilities.

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