Mobikwik is expected to launch its IPO before Diwali and is likely to fetch a valuation of $1 billion, sources indicated.
The Gurugram-based company joins a growing list of consumer internet firms, including Paytm, Nykaa and PolicyBazaar that are eyeing stock market debuts this year. Food-delivery platform
Zomato kickstarted the IPO boom among Indian consumer startups when it made a stellar debut in the Indian public markets.
The Mobikwik draft IPO document showed that about Rs 1,500 crore would be raised through a primary share sale, while the remaining will be a secondary transaction where existing investors will sell stakes.
The firm, founded in 2009 by Bipin Preet Singh and Upasana Taku, counts Sequoia Capital India, Bajaj Finance, American Express, Cisco and Abu Dhabi Investment Authority among its investors.
According to the DRHP, Singh and Taku plan to sell shares worth over Rs 191 crore in the secondary sale.
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