One MobiKwik Systems Ltd. raised Rs 257 crore from anchor investors on Tuesday ahead of the launch of its initial public offering a day later. The company allotted 92.2 lakh shares at Rs 279 apiece to 21 anchor investors, according to an exchange filing.
The investors include HDFC Mutual Fund-HDFC Multi Cap Fund, Morgan Stanley Investment Fund Inc., SBI Magnum Children's Benefit Fund- Investment Plan, Quant Mutual Fund- Quant BFSI Fund.
SBI Magnum Children's Benefit Fund-Investment Plan secured 15.54% of the allocation, while HDFC Mutual Fund-HDFC Multi Cap Fund and HDFC Mutual Fund-HDFC Banking and Financial Fund mopped up 4.98% each.
Six domestic mutual funds have applied through a total of 10 schemes. They have collectively netted 53.42% of the anchor portion for Rs 137.5 crore, the filing stated.
HDFC Bank, through three of its funds, has secured an allocation of 12.62%, while Whiteoak Capital acquired 3.89% through its two funds.
MobiKwik's 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..
Out of the total amount, MobiKwik plans to utilise Rs 150 crore to fund organic growth in financial services while Rs 135 crore will be used in payment services. An investment of Rs 107 crore will be used in research and development, focusing on data, machine learning, artificial intelligence, and product technology.
The remaining Rs 70.3 crore will be allocated for capital expenditure in the payment devices business and other general corporate purposes.
Business
MobiKwik was incorporated on March 20, 2008, in New Delhi. The firm, founded by Bipin Preet Singh and Upasana Taku, was later 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 gained 161 million registered users and supported 4.26 million merchants in conducting transactions both online and offline.
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