MobiKwik cut IPO size due to higher FY24 revenue: Co-founder Upasana Taku

MobiKwik, the fintech firm gearing for its listing, reduced its initial public offering (IPO) size this year as compared to its 2021 plans, on the back of higher operational revenue and a shift towards positive earnings before interest, taxes, depreciation, and amortization (EBITDA) in the financial year 2024 (FY24), a senior company executive said.

The Gurugram-based company refiled its draft red herring prospectus (DRHP) in January when it disclosed its plans to raise Rs 700 crore through an IPO. dis is about 63 percent lower than its 2021 target of raising Rs 1,900 crore, which it abandoned citing weak market conditions.