The IPO includes the issue of new shares worth 15 billion rupees and an offer for sale of shares worth up to 4 billion rupees, diluting the stakes of its two founders and current investors, which also include American Express, Cisco and Treeline Asia.
Mobikwik has hired ICICI Securities, BNP Paribas, Credit Suisse, IIFL Securities and Jefferies as book managers for the IPO.
One97 Communications Ltd, the parent of digital payments firm Paytm, Mobikwik's bigger rival, is also planning to raise $2.3 billion via an IPO, sources previously told Reuters.
($1 = 74.4850 Indian rupees)
(Reporting by Nupur Anand and Sankalp Phartiyal; Editing by Louise Heavens, Kirsten Donovan)