Digital payments firm Mobikwik, backed by Sequoia Capital and Bajaj Finance, filed for an IPO of up to Rs 1,900 crore ($255 million) with the markets regulator on Monday.
The IPO includes a portion of fresh issuance of shares worth Rs 1,500 crore and a secondary sale of shares worth Rs 400 crore from existing investors.
Sequoia India, the second largest shareholder, will get close to Rs 95 crore from the sale of shares.
Other selling shareholders include American Express, Cisco Systems, Baja Finance, and Tree Line Asia.
ICICI Securities Limited, BNP Paribas, Credit Suisse, IIFL Securities, and Jefferies will serve as the book running lead managers (BRLMs) for the issue.
IndusLaw will act as legal counsel to the company. J Sagar Associates and Squire Patton Boggs (MEA) LLP will act as domestic and international legal counsel to BRLMs, respectively.
The proceeds from the issue of fresh shares will be used for funding organic and inorganic growth as well as for general corporate purposes.