Impact of Paytm: MobiQuick avoids IPO plans this month

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Other startups wary of public issue after Paytm crash

MUMBAI: Other startups are also worried about their public issue, fearing a disappointing listing of Paytm's IPO. Following the incident, another online payment firm, MobiQuick, has so far scrapped plans to launch a public issue by the end of this month.

Notably, Paytm's stock plunged 3% on the first day of listing and a total of 30% in two days. After this incident, startups are adopting a 'wait and see' strategy to bring in an IPO.

Bipin Preet Singh, CEO of Bajaj Finance-backed MobiQuick, said the disappointing listing of major rival Paytm was unexpected. "We will announce it when we feel we can bring a successful IPO," The company received regulatory approval in October to bring in an IPO.

The company had submitted documents to SEBI in July for an IPO worth Rs 1,200 crore. MobiQuick is seen as a smaller competitor to Paytm.

Sources said that the company had earlier planned to launch an IPO before Diwali, but since then the company has decided to wait to see the response to Paytm's IPO.

Sources said that before the listing of Paytm, MobiQuick's unlisted shares were trading at Rs 150 in the Grow Market, which is currently trading at Rs 200, down 9 per cent.

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