Mobikwik Founders are Not Selling their Shares in the IPO

The founders of Mobikwik, Upasana Taku, and Bipin Preet Singh have announced that both of them will not be selling their shares in companies upcoming initial public offering (IPO). Co-founder Upasana Taku has said that the other shareholders are also free to increase or decrease their offer for sale (OfS).

Upasana Taku and Bipin Preet Singh have 20% and 14% shareholding in the company. She also said that the promoters are not willing to sell their shares in the current issue but can sell a small portion of shareholding in future IPOs.

Mobikwik received approval from SEBI to go for an IPO in November but seeing the unfavorable market conditions, the company has decided to wait for some time. A company can go public within 12 months of receiving approval from SEBI. Mobikwik for now has not announced when it will launch its IPO.

Experts have said that Paytm’s underwhelming debut in the stock market has concerned the startups, especially fintech startups planning to go public in India. Seeing these market conditions, the company has said that it will launch its IPO before November next year, but the specific time is still not announced yet.