One MobiKwik Systems Ltd will launch its initial public offering (IPO) on Wednesday, December 11. The price band has been set at Rs 265 to Rs 279 per share and the public issue is entirely a fresh issue of 2.05 crore equity shares.
MobiKwik IPO will open for subscription on December 11 and close on December 13. The IPO allotment is likely to be fixed on December 16 and the equity shares of One MobiKwik Systems will be listed on both the stock exchanges, BSE and NSE, on December 18.
The IPO lot size is 53 shares and multiples thereof. For a maximum bid of under Rs 2,00,000, retail investors can apply for up to 13 lots, totaling 689 shares.
MobiKwik IPO GMP
Ahead of the listing, the MobiKwik IPO was commanding a GMP of 39.78 per cent on the upper end of the price band. The stock was trading at Rs 111 per share in the unlisting market, as per InvestorGain, indicating a strong listing over the upper limit of the price if the current trend sustains.
The company aims to utilize the net issue proceeds towards funding growth in the financial services and payment services businesses, investment in data, machine learning, artificial intelligence, product and technology, capital expenditure for the payment devices business and general corporate structure.
The book-running lead managers for the MobiKwik IPO are SBI Capital Markets and Dam Capital Advisors. Link Intime India is the IPO registrar.
In January, the company filed for a Rs 700-crore IPO. Later, it cut the size of the IPO to Rs 572 crore.
The company founded by Bipin Preet Singh and Upasana Taku provides consumers access to various payment options and financial products in digital credit, investments and insurance. MobiKwik faces solid competition from major fintech players including PhonePe, Paytm, Airtel Payments Bank and Freecharge.
MobiKwik has developed products such as MobiKwik ZIP and Merchant Cash Advance through partnerships with lending entities. As of June 30, 2024, the company had approximately 161.03 million registered users and 4.26 million merchants.
