One MobiKwik IPO Subscribed 119.38 Times On Final Day
One MobiKwik Systems plans to raise Rs 572 crore via its IPO comprising only a fresh issue.
The initial public offering of One MobiKwik Systems Ltd. was subscribed 119.38 times as of 7:00 p.m. on its final day. The issue was subscribed 20.41 times on the second day. The price band for the IPO is Rs 265 to 279 per share.
The Gurugram-based company plans to raise Rs 572 crore via its IPO, comprising only a fresh issue. The offer size has been reduced from Rs 700 crore since the company filed its draft red herring prospectus with the market regulator.
The IPO-bound company raised Rs 257 crore from anchor investors on Tuesday ahead of the launch of its initial public offering a day later.
Bids can be made for a minimum lot of 53 shares or in multiples thereof. Following the public issue, shares of One MobiKwik will be listed on the NSE and the BSE.
SBI Capital Markets Ltd. and DAM Capital Advisors Ltd. are the book-running lead managers to the issue.
One MobiKwik Systems 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.
One MobiKwik Systems IPO: 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
MobiKwik, the company's flagship application, provides consumers access to various payment options and financial products in digital credit, investments and insurance. It was founded by Bipin Preet Singh and Upasana Taku.
MobiKwik wants to get a 10% market share in the entire UPI ecosystem, according to Co-founder Singh.
The fintech posted a profit of Rs 14.1 crore in the last financial year, as compared to a loss of Rs 83.8 crore in fiscal 2023. It posted a revenue from operations at Rs 875 crore in FY24 versus Rs 540 crore in fiscal 2023. The improved performance came with a better Ebitda profit of Rs 37.2 crore, compared to an Ebitda loss of Rs 55.9 crore.
MobiKwik IPO Subscription Status: Day 3
The IPO has been subscribed 119.38 times as of 7:00 p.m. on Friday.
Qualified institutional buyers: 119.50 times.
Non-institutional investors: 108.95 times.
Retail investors: 134.67 times.
One MobiKwik Systems GMP
The grey market premium of MobiKwik's IPO was Rs 150 as of 3:55 p.m. on Friday, according to InvestorGain. It implies that the shares of the company will likely list at Rs 429 apiece, indicating a 53.76% premium to the upper end of the price band.
It should be noted that 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
