Indian fintech platform Moneyview is seeking a valuation of up to about 59.85 billion rupees ($624 million) in a trimmed initial public offering that is scheduled to open for subscription on September 24.
Reuters reported that the Accel-backed company has set a price band of 32 rupees to 34 rupees per share. The offering is expected to close on September 28.
The revised deal includes a fresh issue of shares worth 7.5 billion rupees and an offer for sale by existing shareholders. Moneyview had previously proposed a fresh issue of up to 15 billion rupees, meaning the primary capital-raising component has been cut in half.
Fintech platform heads to public markets
Moneyview, formerly known as Whizdm Innovations, operates a digital financial-services platform that connects users with lending, insurance and other products through banks, non-bank financial companies, insurers and other partners.
The company is backed by investors including Accel and Tiger Global. Its move toward the public market comes as Indian technology and financial-services companies continue testing investor appetite for new listings after several years of strong startup funding and subsequent valuation resets.
Moneyview has published its IPO-related filings and material documents through its investor-relations portal, including documents connected with the red herring prospectus.
Deal size reduced from earlier plan
The reduction in the planned fresh issue makes the final IPO smaller than the structure outlined in Moneyview’s earlier filing. Existing shareholders are also offering fewer shares than initially proposed, according to Reuters.
The public subscription period will provide a clearer measure of demand for the fintech company at the revised valuation and issue size. The offering also adds Moneyview to a growing group of venture-backed Indian technology companies moving from private financing toward listed markets.
The final valuation will depend on the price at which shares are issued and the outcome of the offering.
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