One MobiKwik Systems IPO GMP: Grey Market Suggests Bumper Listing As Subscription Zooms 13x

The initial public offering of One MobiKwik Systems Ltd. continues to generate strong investor interest, with retail subscriptions pouring in as the issue enters its second day of bidding on Thursday. Amid the strong investor response, the grey market premium of MobiKwik IPO has also surged, suggesting that a bumper listing could be on the cards.

The latest GMP for the Mobikwik IPO climbed to Rs 156, which is higher as compared to Rs 136 on Wednesday, as per InvestorGain platform. This takes the estimated listing price—the sum of GMP and upper end of the IPO price—to Rs 435. This suggests a potential listing day gain of 55.91%, as compared to the issue price of Rs 279 per share.

However, the GMP is not an official price quote for the stock and is based on speculation.

Notably, the IPO was subscribed 13.08 times till 2 p.m., with retail investors booking 44.71 times their allotted portion, as per the data available on the National Stock Exchange. The non-institutional investors have oversubscribed their reserved quota 18.09 times. However, the qualified institutional investors have subscribed only 0.03 times their allotted portion so far.

The offer will close on Friday, and the shares are expected to be listed on the NSE and BSE next week.

The price band for the IPO is set at Rs 265 to Rs 279 per share, and the company is aiming to raise Rs 572 crore through a fresh issue.

Ahead of the IPO launch, MobiKwik raised Rs 257 crore from anchor investors on Tuesday, which further boosted confidence in the offering.

• Issue open: Dec. 11

• Issue close: Dec. 13

• Price band: Rs 265 to Rs 279 per share

• Fresh issue: Rs 572 crore

• Lot size: Minimum 53 shares, in multiples thereafter

MobiKwik, founded by Bipin Preet Singh and Upasana Taku, is an Indian fintech platform that offers services such as digital credit, investment, and insurance through its flagship app. The company aims to capture a 10% market share in the UPI ecosystem.

MobiKwik has seen improvement in its financial performance, posting a profit of Rs 14.1 crore in fiscal 2024, compared to a loss of Rs 83.8 crore in fiscal 2023. The company also recorded revenue from operations of Rs 875 crore in fiscal 2024, up from Rs 540 crore in fiscal 2023.

Disclaimer: Investments in initial public offerings are subject to market risks. Please consult with financial advisors and read the red herring prospectus thoroughly before placing bids.