Indian fintech company Moneyview is targeting a valuation of up to around 59.85 billion rupees ($624 million) through a scaled-down initial public offering, with the subscription window set to begin on September 24.
According to Reuters, the Accel-backed fintech has fixed its IPO price band at 32 rupees to 34 rupees per share. The issue is scheduled to remain open until September 28.
Under the revised structure, Moneyview will raise 7.5 billion rupees through a fresh share issue, alongside an offer for sale from existing investors. The company had earlier planned to raise as much as 15 billion rupees through the fresh issue, effectively reducing the primary fundraising component by 50%.
Moneyview prepares for public listing
Previously operating under the name Whizdm Innovations, Moneyview runs a digital financial-services platform that allows users to access lending, insurance and other financial products offered through banks, non-bank financial companies, insurers and other partners.
The company counts Accel and Tiger Global among its investors. Its IPO comes as Indian technology and financial-services businesses continue turning to public markets, following a period of strong private-market funding and subsequent adjustments in startup valuations.
Moneyview has made its IPO documentation and related materials available through its investor-relations portal, including documents associated with its red herring prospectus. Moneyview investor-relations portal
IPO structure scaled back
The smaller fresh issue means the final offering is significantly more modest than the proposal outlined in Moneyview’s earlier filing. Reuters also reported that existing shareholders are selling fewer shares than originally planned.
The subscription period will offer investors a clearer indication of market demand for Moneyview at its revised issue size and valuation. The listing also places the fintech among a growing number of venture-backed Indian technology companies transitioning from private funding rounds to public markets.
Moneyview’s eventual valuation will be determined by the final issue price and the outcome of the IPO.
