Peak XV has fully exited payment solutions provider MobiKwik Ltd. in a significant block deal that took place on Tuesday, April 28, according to sources with knowledge of the matter reported by CNBC-TV18, The Economic Times, and Reuters. This transaction marks the last remaining Private Equity fund exit from MobiKwik's cap table, following the Abu Dhabi Investment Authority's exit in September last year. The deal involved 60.8 lakh shares, representing 7.7% of the total outstanding equity of the company, with a total transaction value of ₹130 crore at an average price of ₹214 per share. As per The Economic Times, the price represents a 4.88% discount to the previous closing price of ₹225 on the BSE.
Florintree, Viridian Asset Management, Dymon Asia, and Karma Capital were the buyers in the block deal transaction, as reported by CNBC-TV18, The Economic Times, and Reuters. Peak XV had held a 7.89% stake in MobiKwik, or 62.15 lakh shares based on the March quarter shareholding pattern. The transaction represents the complete exit of Peak XV from the company's ownership structure, leaving no Private Equity funds remaining on MobiKwik's cap table. Peak XV had been an early institutional investor in One MobiKwik and the sale marks its complete exit from the fintech firm following the block transaction.
Bajaj Finance holds the largest public stake at 10.1% of MobiKwik at the end of the March quarter, followed by the Government Pension Fund Global with a 3% stake, according to CNBC-TV18. Domestic mutual funds maintain a 0.7% stake in the company. Notably, 1.65 lakh retail shareholders or those with authorized share capital of up to ₹2 lakh hold a 33.13% stake in the company, representing the largest shareholder category.
MobiKwik shares rallied as much as 8% to their day's high of ₹243 on Tuesday, extending gains for a second consecutive session and rallying 20% over the same period, as reported by The Economic Times. The stock had also surged up to 15% on April 27 after the company announced that the Reserve Bank of India (RBI) has approved its application for a Non-Banking Financial Company (NBFC) license, marking a key milestone in its efforts to strengthen its financial services business. The NBFC license will allow the launch of a new lending arm, MobiKwik Financial Services Private Limited (MFSPL), a wholly owned subsidiary of the group. As per Reuters, the company said the RBI approval marks "a significant milestone in the Group's journey to deepen its financial services offerings" and will help roll out lending products faster and improve margins by bringing credit operations in-house.
