MobiKwik employees exercise ESOP (employee stock ownership) by selling part of its shares in a secondary sale in a recently opened window.
“The second round was led by Matthew Siriak, former head of Blackstone India, who raised his stake at almost double of his previous price,” the sources said.
The size of the transaction could not be ascertained.
MobiKwik did not respond to emails sent in this regard.
“The transactions in the round took place at an enterprise valuation of around $1 billion,” the sources said.
The last valuation shared by MobiKwik was $720 million in May 2021, followed by
UAE sovereign wealth fund Abu Dhabi Investment Authority buys stake for $20 million.
The company under its ESOP 2014 plan,
Reserved 4.5 million equity shares to form a pool of ESOPs For the benefit of eligible employees.
Upasana Taku, Chairperson, Co-Founder and COO of MobiKwik had said that the total number of equity shares that would arise from the full exercise of the options granted is 7% of the fully diluted outstanding shares.
The company has received market regulator SEBI’s nod for undertaking an initial public offering through which it plans to raise Rs 1,900 crore.
Gurgaon based company was
Draft Red Herring Prospectus (DRHP) filed For Initial Public Offering (IPO) with SEBI in July.
Through the IPO, the company plans to offer shares worth Rs 1,900 crore in total. Of the total, Rs 1,500 crore will be raised through fresh issue of shares, while Rs 400 crore will be raised through the offer for sale (OFS) route by existing shareholders.
According to the draft paper, MobiKwik had over 101.37 million registered users and over 3.44 million online, offline and biller merchant partners as of March 31, 2021.
MobiKwik’s IPO, which is expected to hit the market before Diwali, is expected to hit the market before Diwali, sources said.