New Delhi: payment firm MobiKwik In an anticipated move after big rival Paytm’s disappointing market debut earlier this month, its CEO said on Tuesday, it has delayed its plans to go ahead with initial public offering (IPO) of shares this month.

Bajaj Finance-backed MobiKwik will go public “when we think we are going to have a successful IPO”, Founder and CEO Bipin Preet Singh He told Reuters, adding his firm has a year from October, when it received regulatory approval to launch an IPO.

ET had reported earlier in the day that the company
may delay its IPO by two to three months And can extend it to the next financial year also.

Shares in big payment rival Paytm
dropped this month since its launch and are down more than 30% from its issue price of ₹2,150 per share, as investors questioned both the company’s bullishness Evaluation and its business model.

Bankers and analysts had warned that Paytm’s disappointing performance in the midst of the worst-performing mega IPO in Indian history would weigh on future offerings. Some suggested that MobiKwik – a direct rival to Paytm in India’s ultra-competitive payments space – would be among the first to hit its IPO prospects.

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