MobiKwik has decided to reduce the size of its initial public offering (IPO) from Rs 1,900 crore to Rs 572 crore. The anchor bidding is scheduled to start on December 10 and the issue will close on December 13.

According to Bipin Preet Singh, the founder and CEO, the company no longer requires the same level of capital as initially planned. This is due to a shift in strategy from prioritizing growth at any cost to focusing on profitability. The IPO size was originally filed in July 2021 and was first reduced to Rs 700 crore in January 2024 before the latest reduction. Singh emphasized that the company has achieved profitability and therefore does not need to dilute its equity as much as before.

The upcoming IPO will consist solely of a fresh issue, with no offer for sale (OFS) component included. The shares will be priced between Rs 265 and Rs 279.