MobiKwik IPO Oversubscribed 15 Times

12 Dec 2024 , 03:14 PM

Retail investors continued to respond favourably to MobiKwik Systems’ initial public offering (IPO) on Day 2 of bidding, as seen by the 15.45 times subscription on December 12.

According to data available on the National Stock Exchange (NSE) at 3.11 PM, bids for 18.34 crore shares were received for the fintech business One MobiKwik Systems’ first share offering, compared to the 1.18 crore shares on offer.

52% of the quota for Qualified Institutional Buyers (QIBs) were subscribed, compared to 52.49 times for the Retail Individual Investors (RIIs) portion and 20.54 times for the non-institutional investors category.

The Gurugram-based company made its initial attempt at the public issuance in July 2021, and this is its second try. Due to poor market conditions, the company had already halted its IPO ambitions and withdrawn the draft documents.

Bipin Preet Singh, MD and CEO of MobiKwik, explained the IPO downsize by pointing to enhanced financial performance and strategy changes that reflected a more reasonable value given the state of the market.

Anchor investors had already contributed Rs 257 crore to it. On December 13, the Rs 572-crore IPO will come to an end. The price range set by the corporation is Rs 265-279 per share.

Within an hour of the IPO’s launch on Wednesday, MobiKwik’s offering was completely subscribed, demonstrating investors’ faith in the robust growth potential of India’s booming online payments sector.

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