Upcoming IPO: Moneyview Submits Draft Papers to SEBI for Rs. 1,500 Crore

A new IPO is coming up as Moneyview has submitted draft papers to SEBI for a Rs. 1,500 crore IPO, according to the reports. To raise money through an initial public offering, Moneyview Ltd. submitted its first documentation to the capital markets authority SEBI on Wednesday. The initial public offering will consist of new shares worth Rs. 1,500 crore and the sale of up to 13.61 crore shares.

According to the DRHP, the Bengaluru based company’s planned IPO will include a fresh issue of equity shares totaling up to Rs. 1500 crore, as well as an offer for sale (OFS) of up to 13.6 crore equity shares by the selling shareholders as stated above. The company’s equity shares are planned to be listed on the BSE and NSE, according to the reports.

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Moneyview plans to use the net proceeds of the new issue to support the expansion of its financial services industry, including Rs. 650 crore to promote loan disbursements under Default Loss Guarantee (DLG) agreements, Rs. 450 crore to invest in its material subsidiary, Whizdm Finance Private Ltd., to increase its capital base and the remainder for general corporate purposes, as per the recent reports.

In collaboration with the BRLMS, the firm may contemplate a pre-IPO placement of equity shares totaling up to Rs. 300 crore. The sum generated by the pre IPO placement will be subtracted from the fresh issue if it is finished.