Peak XV Partners Sells Stake in One MobiKwik Systems
On Thursday, Peak XV Partners divested a 1.5% stake in the fintech firm One MobiKwik Systems for Rs 82 crore through an open market transaction.
Peak XV Partners, previously known as Sequoia India & Southeast Asia, sold the shares via its subsidiary—Peak XV Partners Investment Holdings III. The firm offloaded 12.01 lakh shares, representing 1.55% of its stake in One MobiKwik Systems, through a bulk deal executed on the National Stock Exchange (NSE).
The shares were sold at an average price of Rs 679.38 each, resulting in a total transaction value of Rs 81.63 crore. Following this transaction, Peak XV Partners’ ownership in the Gurugram-based MobiKwik has reduced to 1.26% from the previous 2.81%.
Details regarding the buyers of MobiKwik’s shares were not disclosed by the exchange. In reaction to the news, One MobiKwik Systems witnessed a 2.40% increase in share price, closing at Rs 623.50 per share on the NSE. Last week, MobiKwik’s shares debuted with an impressive premium of nearly 60%.
The initial public offering (IPO) conducted by MobiKwik was exclusively a fresh issuance of equity shares valued at up to Rs 572 crore with no associated offer-for-sale (OFS) component.
Founded by Bipin Preet Singh and Upasana Taku, MobiKwik is a digital banking platform that provides an extensive array of financial products for both consumers and merchants, which includes payment solutions, digital credit, and investment options.