One MobiKwik Systems Ltd, a payments company, submitted draft share sale documents with the markets regulator on Monday, joining a slew of new-age technology businesses vying for public market investors.

The MobiKwik IPO comprises the sale of ₹1,500 crore worth of new shares and an offer for sale of ₹400 crore worth of stock by its promoters and shareholders.

Tech startups such as MobiKwik are rushing to take advantage of the positive sentiments created by a record-breaking stocks rally, burgeoning public interest in technology stocks and the accelerated adoption of online services because of the pandemic in the past year.

Food delivery platform Zomato Ltd’s ₹9,375 crore IPO will open for subscription on 14 July, while other startups such as online cosmetics retailer Nykaa and insurance aggregator PolicyBazaar are expected to file their draft IPO papers with the Securities and Exchange Board of India later this month. On Monday, shareholders of payments firm Paytm approved its ₹16,600 crore IPO.

Among MobiKwik’s shareholders participating in the offer for sale are American Express Travel Related Services, which plans to sell shares worth as much as ₹9.98 crore, Bajaj Finance ( ₹68.98 crore), Sequoia Capital ( ₹95 crore), Cisco Systems ( ₹11.48 crore), Tree Line Asia Master Fund Pte ( ₹24.41 crore) and MobiKwik co-founders Bipin Preet Singh ( ₹113.33 crore) and Upasana Taku ( ₹78.82 crore).

Singh and Taku hold 20.21% and 14.31% in the company, respectively. Bajaj Finance owns 13.86%, while Sequoia Capital India Investment has 13.46%.

ICICI Securities, BNP Paribas, Credit Suisse, IIFL Securities and Jefferies India will manage MobiKwik’s share sale.