MobiKwik IPO GMP Nears 40% Ahead Of Opening On Dec. 11; Check Details

One MobiKwik Systems Ltd. will launch its initial public offering (IPO) on Dec. 11. Ahead of the opening of the mainboard issue, MobiKwik IPO GMP indicated a listing gain of 39.78% on the upper end of the price band.

MobiKwik IPO GMP (grey market premium) stood at Rs 111 on Dec. 9 at 7:57 a.m. as per InvestorGain, indicating a strong listing over the upper limit of the price band if the current trends sustain.

Since the shares trading at the unlisted market on Dec. 6, the premium of the issue has increased from Rs 100 per share to Rs 111 per share.

Investors must know that the GMP of an IPO is not the official stock price and is subject to rapid changes. It just indicates the potential listing price of a stock. 

MobiKwik IPO is opening for subscription on Dec. 11. The issue will close, after a three-day bidding period, on Dec. 13.

The share allotment status of the IPO is likely to be finalised on Dec. 16, with the listing date expected to be on Dec. 18. The shares will be listed on the BSE and NSE.

MobiKwik IPO price band has been fixed at Rs 265 to Rs 279 apiece.  Retail investors have to apply for at least 53 shares in a single lot, taking the minimum investment to Rs 14,787 for each application.

The public offer is an entirely fresh issue of 2.05 crore shares worth Rs 572 crore.

Link Intime India Pvt. Ltd. is the registrar for the offer. Meanwhile, SBI Capital Markets Ltd. and DAM Capital Advisors Ltd. (Formerly IDFC Securities Ltd) are the book running lead managers.

Use of Proceeds

The company in its red herring prospectus said that it plans to utilise the net proceeds from its IPO to fund its growth in payment and financial services businesses and invest in data, machine learning, AI, product and technology. A portion of the funds will also be used for its payment devices business capex as well as for general corporate purposes.

About One MobiKwik Systems Ltd. 

One MobiKwik Systems Ltd., founded by Bipin Preet Singh and Upasana Taku, offers prepaid digital wallets and online payment services with its flagship application MobiKwik. It gives customers access to a range of payment options and financial products in digital credit, investments and insurance.

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.