Mobikwik IPO Day 3: Demand for IPO continues as IPO subscribed 40.20 times.
One Mobikwik System’s initial public offer (IPO) received an overwhelming response from investors on the first two days of the issue. Going into the third day, the subscription rate for Mobikwik IPO had risen to 40.20 times the issue size.
Mobikwik IPO: Issue Details
The subscription period for the Mobikwik IPO opened on December 11, 2024 with the subscription period scheduled to conclude on December 13, 2024. The IPO is a book-built issue of ₹572 crore, which only consists of a fresh issue of 2.05 crore equity shares. The company will finalise the basis of allotment on December 16, 2024. The tentative listing date for the shares of the company is set at December 18, 2024.
MobiKwik IPO: Subscription Details
(December 13, 2024, 1:15 p.m.)
MobiKwik IPO garnered strong interest over the first two days of the subscription period. Demand for the issue was especially strong from non-institutional investors and retail investors. At the end of the second day, the issue had been subscribed over 20 times.
On Day 3, the portion for qualified institutional buyers (QIBs) was subscribed 5.33 times with bids for 3.44 crore shares against 64.75 lakh shares on offer. The company has reserved 32.37 lakh shares for non-institutional investors (NIIs) and received bids for 22.51 crore shares, or 69.53 times.
The Mobikwik IPO saw strong demand among retail investors, with the portion being picked up 100.86 times. The portion reserved for retail investors received bids for 21.77 crore shares against 21.58 lakh shares.
On the final day of the issue, the total subscription rate was up to 40.20 times with bids for 47.72 crore shares against 1.18 crore shares on offer.
Additionally, 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 Mobikwik IPO has a lot size of 53 shares. The price band for the issue is set at ₹265 to ₹279 per share. To apply to the Mobikwik IPO, an investor will have to make a minimum investment of ₹14,787. 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 that offers various services such as a digital wallet and online payment services. In addition, the company also allows users to make online and offline payments, transfer money to UPI IDs, bank accounts, or mobile numbers. Through the company’s services, users can also pay utility bills.
The company stated that the net IPO proceeds will be utilised towards funding organic growth for its payment services and financial services businesses. The company also intends to use the funds for capital expenditure for the payment devices business along with spending on research and development in the fields of machine learning, data, and technology.
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.