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On Tuesday, Mobikwik which is bound for an initial public offering (IPO) turned into an unicorn after a secondary employee stock option plan (ESOP) sale round led by former Blackstone India head Matthew Cyriac. The startup’s employees exercised the ESOPs in a window opened recently by selling part of their shares in a secondary sale. Ex-Blackstone India head, Mathew Cyriac was the one leading the secondary round, who topped up his holding at almost double of his previous price.
Company valued at $1 billion
The transaction is valued at an enterprise value of around $1 billion. In its previous valuation, the company was valued at $720 million in May 2021, after a $20 million stake purchase by UAE’s sovereign wealth fund Abu Dhabi Investment Authority.
Under its ESOP 2014 scheme, the company has reserved 4.5 million equity shares for creating a pool pf ESOPs for the benefit of eligible employees.
It had also said that the number of equity shares from the whole exercise of options granted implies 7% of the fully diluted outstanding shares.
Market’s regulator Sebi has given the approval to the company, through which it plans to raise up to Rs 1,900 crore.