Indian Startup MobiKwik Nears Filing for $300 Million IPO

(Bloomberg) -- One MobiKwik Systems Pvt, the Indian digital wallet and payments startup, is preparing to file a draft prospectus for a Mumbai initial public offering that could raise about $300 million, people familiar with the matter said.

MobiKwik plans to lodge the listing documents with the Indian securities regulator as soon as the next few days, the people said, asking not to be identified because the information is private. It could seek a valuation of around $1 billion from the offering, according to the people.

The Gurgaon-based company plans to raise about $250 million of fresh funds from the offering, while MobiKwik’s current backers are considering selling about $50 million of existing stock, the people said.

Deliberations are ongoing, and details of the offering could change depending on investor demand, the people said. A representative for MobiKwik declined to comment.

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