Fintech unicorn Moneyview has cut the size of its initial public offering (IPO) by half, reducing the fresh issue component to ₹750 crore from the initially proposed ₹1,500 crore, the company announced today. The offer for sale (OFS) component was also trimmed to 10.04 crore equity shares from 13.6 crore. This revision comes a couple of months after the Securities and Exchange Board of India (SEBI) approved the issue, according to inc42.com.
The reduction in the IPO size involved key investors such as Tiger Global, Accel, Crimson Winter, Ribbit Capital, NLI Strategic Venture Investment, and Transpose Platform Management, who lowered the number of shares they planned to sell. However, Moneyview’s cofounders Puneet Agarwal and Sanjay Aggarwal maintained their OFS portions, along with Agarwal’s wife Chitra Agarwal, who is selling 19.35 lakh shares via the OFS. Accel remains the largest stakeholder with a 21.9% stake through two funds, Accel India IV and Accel Growth IV.
The revised IPO proceeds will be allocated with ₹325 crore earmarked to boost loan disbursals under default loss guarantee arrangements, and ₹250 crore will be infused into Moneyview’s NBFC subsidiary, Whizdm Finance Pvt Ltd, to strengthen its capital base. The remaining funds will support general corporate purposes. The company has not disclosed the reasons behind the IPO size cut or the timeline for the issue opening. This adjustment follows SEBI’s earlier nod for the IPO.
Moneyview’s decision to halve its fresh issue component reflects a strategic recalibration ahead of its market debut. The company’s next public update on the IPO timeline and final offer details is awaited, with the revised fresh issue now set at ₹750 crore and the OFS at 10.04 crore shares, as per the latest announcement.