Mobikwik IPO Day 2: Demand for IPO continues as IPO subscribed 15.41 times.
One Mobikwik System’s initial public offer (IPO) continued its strong run on the second day of the issue as the issue was subscribed 15.41 times. The issue was subscribed 7.32 times on the first day with robust demand from retailers and non-institutional investors.
Mobikwik IPO: Issue Details
Mobikwik’s IPO opened for subscription on December 11, 2024, and will conclude the three-day subscription period on December 13, 2024. The issue is a book-built issue of ₹572 crore and comprises a fresh issue of 2.05 crore equity shares. The Mobikwik IPO’s basis of allotment is expected to be finalised on December 16, 2024. The shares of the company will tentatively list on the stock exchanges on December 18, 2024.
MobiKwik IPO: Subscription Details
(December 12, 2024, 3:00 p.m.)
Mobikwik’s IPO made a stellar debut on the first day, with the issue being subscribed over 7.32 times. The retail and non-institutional investor portion saw strong demand with the portions being fully subscribed.
On Day 2, the portion for qualified institutional buyers (QIBs) was subscribed 0.52 times with bids for 33.84 lakh shares against 64.75 lakh shares on offer. For non-institutional investors, the company has reserved 32.37 lakh shares but received bids for 6.63 crore shares, or 20.50 times.
The retail portion maintained its demand momentum as the portion was subscribed 52.42 times with bids for 11.31 crore shares against 21.58 lakh shares on offer.
The issue was subscribed a total of 15.41 times, with bids for 18.82 crore shares against 1.18 crore shares on offer.
The company also raised ₹257.40 crore from anchor investors on December 10, 2024. The company raised the funds against an issue of 92.25 lakh shares.
Mobikwik IPO: Price Band and Lot Size
The price band for the Mobikwik IPO is set at ₹265 to ₹279 per share. The issue has a lot size of 53 shares. To apply to the Mobikwik IPO, a minimum investment of ₹14,787 will be required. The minimum lot size for small non-institutional investors and big non-institutional investors has been set at 14 lots and 68 lots, respectively.
About Mobikwik
Mobiwik is a fintech company with offerings such as a digital wallet and online payment services. The company offers various services including online and offline payments, transferring money to UPI IDs, bank accounts, or mobile numbers. Users can also pay utility bills through the company.
From the net proceeds of the IPO, the company intends to fund organic growth in its payment services business and its financial services business. The company also aims to utilise the funds for research and development in the fields of data, machine learning, and technology. In addition, the company will also use the funds for capital expenditure for its payment devices business.
For the quarter ended June 30, 2024, the company reported a revenue of ₹345.82 crore. The company reported a net loss of ₹6.62 crore for the quarter.
In FY24, the company’s revenue grew 59% year-on-year (YoY) to ₹890.32 crore. The company’s net profit for the fiscal came in at 14.08 crore compared to a net loss of 83.81 crore in the previous year.