Indian payments firm MobiKwik to delay planned IPO, says CEO

Currently almost 30,000 tickets are booked daily through the IRCTC android app. Photo: Indranil Bhoumik/Mint

Indian payments firm MobiKwik has delayed its plans to proceed with an initial public offering (IPO) of shares this month, its CEO said on Tuesday, in an anticipated move following the dismal market debut of larger rival Paytm earlier this month.

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

Shares in larger payments rival Paytm plummeted this month following their debut and are down more than 30% below its issue price of 2,150 per share, as investors have questioned both the company’s steep valuation and its business model.

Bankers and analysts had warned that Paytm’s dismal showing would put a damper on future offerings after the mega IPO ranked among the worst-performing in Indian history. Some suggested MobiKwik – a direct rival to Paytm in India’s ultra-competitive payments space – would be among the first to see its IPO prospects impacted.

Reuters 

Singapore Reporter/s

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Following vacancies can be applied for (only in Singapore).   

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Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.