One MobiKwik Systems Ltd.'s initial public offering is scheduled to open on Wednesday. The IPO is entirely a fresh issue of up to Rs 572 crore and with no offer for sale component.
The price band for the IPO has been set in the range of Rs 265-279 per share.
One MobiKwik Systems Ltd. is a platform business with a two-sided payments network, including consumers and merchants.
SBI Capital Markets Ltd. and DAM Capital Advisors Ltd. are the book-running lead managers of the issue.
Issue Details
Issue opens: Dec.11.
Issue closes: Dec.13.
Issue price: Rs 265-279.
Fresh issue: Up to Rs 572 crore.
Offer for sale: Nil.
Lot size: Minimum of 53 shares and then in multiples thereafter.
Use Of Proceeds
Of the total amount, Rs 150 crore will be used for funding organic growth in financial services, Rs 135 crore in payment services and Rs 107 crore for research and development investment in data, machine learning and artificial intelligence and product and technology.
The remaining Rs 70.28 crore will be used towards capital expenditure for its payment devices business and general corporate purposes.
Business
Incorporated on March 20, 2008, in New Delhi, the company was founded by Bipin Preet Singh and Upasana Taku. It was converted to a public limited company on June 25, 2021.
Koshur Family Trust and Narinder Singh Family Trust are also promoters of the company.
As of June 30, the platform had acquired 161.03 million registered users and enabled 4.26 million merchants to transact both online and offline users.
It has a broad footprint across 99% of India's pin codes. Of the total registered users, KYC-completed users stand at 70.88 million.
Financial Performance
For the financial year ended March 31, 2024, the company recorded profit of Rs 14.08 crore.
Over two financial years ended March 31, 2024, the company’s payment gross merchant value grew 45.88% on year, and MobiKwik ZIP gross merchant value disbursements has grown at an annual rate of over 112%.
As on June 30, over 4.26 million merchants had accepted payments through the company’s payment modes, including over 4.13 million physical stores and 0.13 million online merchants.
As of May 2024, the company was the largest wallet player in India with 23.11% market share of the prepaid payment instrument wallet gross transaction values.
Operations costs have consistently declined over past three financial years, and the company has a strong brand name and recall, across large and small Indian cities.
Future Growth Strategies
Scaling existing products.
Expanding product portfolio in existing business lines.
Expansion of the payment aggregator business.
Continue to drive operational excellence initiatives to improve profitability and return metrics.
Key Risks
Financial services distribution depends on relationships with lending partners.
Security breaches and attacks.
Alternative investment business, Xtra backed by one partner.
Inconsistent profitability.
Dependent on Zaakpay’s services.
Negative cashflows.
One MobiKwik IPO GMP
The grey market premium of One MobiKwik IPO was Rs 100 as of 12:26 p.m. on Dec. 9, according to InvestorGain. This implies shares of the company will likely list at Rs 379 apiece.
GMP or grey market price is not an official price quote for the stock and is based on speculation.
Disclaimer: Investments in initial public offerings are subject to market risks. Please consult with financial advisors and read red herring prospectus thoroughly before placing bids.
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