Bengaluru-based wealthtech startup Scripbox is set to convert into a public company after passing a resolution approving the move, a step that signals its preparation for a potential public listing.

According to regulatory filings accessed by Entrackr, Scripbox’s board has passed a resolution to approve its conversion into a public limited company by changing its legal name from “Scripbox Wealth Managers Private Limited” to “Scripbox Wealth Managers Limited”.

As per the filing, the proposed initial public offering (IPO) will comprise a fresh issue of equity shares and an offer for sale (OFS) by certain existing shareholders of the company.

Founded in 2012 by Atul Shinghal and Sanjiv Singhal, Scripbox operates a digital wealth management platform that offers investment products across mutual funds, fixed deposits, US stocks, ETFs and the National Pension System (NPS), along with financial planning and advisory services.

The development comes nearly six months after Entrackr exclusively reported that Scripbox was planning to raise up to Rs 170 crore through a mix of debt and equity.

As part of the proposed fundraise, Scripbox's board had approved raising up to Rs 60 crore from a select group of investors through equity shares, preference shares and convertible instruments. It had also secured approval to raise up to Rs 110 crore through debt from banks, NBFCs and other financial institutions. 

In June this year, the company acquired the mutual fund distribution business of Delhi-NCR-based Bluechip Capital, a wealth management firm founded and led by Ravi Kohli for over 33 years. The transaction also saw Bluechip Capital's clients and employees transition to Scripbox.

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