Is it true that MobiKwik has also become a Unicorn ahead of its proposed IPO?

MobiKwik, one of the big digital IPOs slated to hit the Indian primary markets, has turned Unicorn just ahead of the IPO. A Unicorn is a term used to refer to a digital start-up that enjoys a valuation of above $1 billion. The latest valuation is based on the price at which former Blackstone head, Matthew Cyriac, enhanced his stake in MobiKwik by picking up shares from the ESOP pool of MobiKwik, to give an exit to some employees.

It may be recollected that in the last round of funding by the Abu Dhabi Investment Authority (ADIA), MobiKwik was valued at around $720 million in May-21. From that point, the valuation is up nearly 40% in just 5 months. SEBI has already approved the Rs.1,900 crore IPO of MobiKwik, which is expected to hit the primary markets in Diwali. The IPO will include a fresh issue of Rs.1,500 crore as well as an offer for sale (OFS) of Rs.400 crore.