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MobiKwik to raise Rs 572 Cr in IPO amid 70% valuation cut

EntrackrEntrackr ยท 1y ago
MobiKwik to raise Rs 572 Cr in IPO amid 70% valuation cut
Medial

Gurugram-based fintech firm MobiKwik has filed its Red Herring Prospectus (RHP) with the Securities and Exchange Board of India (SEBI) to raise Rs 572 crore through a fresh issue of equity shares. This is the third instance where the company has downsized its IPO offering. The company intends to utilize the IPO proceeds for several strategic purposes. While Rs 150 crore will fund the growth of its financial services business, Rs 135 crore million is allocated for its payments biz. The firm will invest Rs 107 crore towards research and development in data science, AI-ML, and product technology, said its IPO papers. Mobikwik IPO will open for subscription on December 11 and conclude on December 13, with a price band of Rs 265-Rs 279. SBI Capital Markets and DAM Capital Advisors leading the issue as book-running managers. According to the Red Herring Prospectus, investors can bid for a minimum of one lot size, which includes 53 shares valued at Rs 14,787. The firm has structured the allocation of its IPO as follows: 75% of the issue size is reserved for Qualified Institutional Buyers (QIBs), 15% for Non-Institutional Investors (NIIs), and the remaining 10% for retail investors. Based on the IPO price band, the company is currently valued at $197 million (Rs 1,660 crore). Post-IPO, with an infusion of Rs 572 crore from the fresh proceeds, its valuation will rise to $264 million. However, this reflects a 71.6% drop from its peak valuation of $924 million in 2021. As per the RHP, Peak XV is the largest external shareholder with 16.7%, followed by Bajaj Finance which holds 13.41%. Its co-founders Bipin Preet Singh and Upasna Taku command 19.21% and 13.06%, respectively. During the first quarter of the current fiscal year (Q1 FY25), MobiKwik reported revenue of Rs 342.2 crore, with a marginal loss of Rs 6.6 crore for the period. In FY24, the company achieved an impressive 62% year-on-year revenue growth, increasing from Rs 539 crore in FY23 to Rs 875 crore. It also closed FY24 on a positive note, recording a profit of Rs 14 crore.

Amagi files RHP, sets Rs 343โ€“361 price band for Rs 1,789 Cr IPO

EntrackrEntrackr ยท 9d ago
Amagi files RHP, sets Rs 343โ€“361 price band for Rs 1,789 Cr IPO
Medial

Amagi files RHP, sets Rs 343โ€“361 price band for Rs 1,789 Cr IPO Bengaluru-based SaaS firm Amagi Media Labs Ltd has filed its red herring prospectus (RHP) and announced a price band of Rs 343โ€“Rs 361 per share for its upcoming initial public offering (IPO). The Rs 1,788.62 crore public issue will open for subscription on January 13 and close on January 16, while the anchor book will open on January 12. The company has fixed the lot size at 41 shares, translating to a minimum retail investment of around Rs 14,800 at the upper end of the price band. The IPO is a combination of a fresh issue and an offer for sale (OFS). While the company will raise about Rs 816 crore through fresh issuance, existing shareholders will offload shares worth nearly Rs 972.62 crore via the OFS route. According to the Red Herring Prospectus, the proceeds from the fresh issue will be used to strengthen technology and cloud infrastructure, pursue inorganic growth opportunities, and meet general corporate expenses. In November last year, the company received SEBI approval for its initial public offering. Several early and growth-stage investors are participating in the OFS, including Accel India VI (Mauritius), Norwest Venture Partners X โ€“ Mauritius, PI Opportunities Fund I & II, Trudy Holdings, along with individual shareholders such as Rajat Garg, Rahul Garg, Prem Gupta, Kollengode Ramanathan Lakshminarayana, and Rajesh Ramaiah. Founded in 2008, Amagi operates a cloud-native SaaS platform that enables media companies to launch, distribute, and monetize advertising across connected TV (CTV), OTT platforms, and linear television. The company counts several global broadcasters, streaming platforms, and content owners among its customers, with a large portion of its revenue coming from international markets, particularly the US. On the financial front, Amagi has continued to scale rapidly. For the fiscal year ended March 2025 (FY25), the company reported revenue of around Rs 1,162 crore, while significantly narrowing its losses during the year. At the upper end of the price band, Amagi is expected to command a post-issue valuation of over Rs 7,800 crore.

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