One MobiKwik Shares List At 59% Premium Over Issue Price
One MobiKwik Systems' IPO, which closed on Dec. 13, was subscribed 119.38 times, with demand led by qualified institutional buyers.
Shares of One MobiKwik Systems Ltd. debuted on the National Stock Exchange at Rs 440 apiece, at a premium of 57.71% over issue price of Rs 279. The stock listed on the BSE at Rs 442.25 per share, marking a premium of 58.51%.
One MobiKwik Systems' IPO, which closed on Dec. 13, was subscribed 119.38 times, with demand led by qualified institutional buyers. The IPO comprised only of a fresh issue of shares worth Rs 572 crore.
The company also raised Rs 257 crore from anchor investors a day before its IPO opened for bidding.
MobiKwik plans to utilise the IPO proceeds for various purposes, including Rs 150 crore 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.
SBI Capital Markets Ltd., and Dam Capital Advisors Ltd. are the book running lead manager of the One MobiKwik Systems IPO, while Link Intime India Pvt. is the registrar for the issue.
One MobiKwik Systems 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 of 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.
