MobiKwik IPO Oversubscribed 6.41 Times

11 Dec 2024 , 04:17 PM

Within the first hour of opening on Wednesday, One MobiKwik Systems’ initial public offering (IPO) was completely subscribed. According to BSE data, bids for 7,61,37,786 shares were received for the first day, whereas 1,18,71,696 shares were offered.

The retail investor group subscribed to the fintech company’s Rs 572 crore IPO 24.59 times, while the non-institutional investor segment subscribed 7.09 times.

The issue, which has a price range of Rs 265-279 per share, is available for public subscription from December 11 to December 13.

There is no offer-for-sale component to the issuance; it consists solely of new equity shares valued at Rs 572 crore.

The proceeds of the new issuance will be used to further the development of AI, machine learning, and technology research, as well as the expansion of payment services and the natural growth of financial services. Funds will also be used to support capital purchases of payment equipment.

The business had earlier on Tuesday raised Rs 257 crore from anchor investors.

MobiKwik, the company’s main app, provides customers with a range of digital financial products and payment methods in the insurance, investment, and credit sectors.

This is the second IPO attempt for the Gurugram-based company; the first one was cancelled in July 2021 because of adverse market conditions.

The company, which was founded by Bipin Preet Singh and Upasana Taku, competes with PhonePe, Paytm, Airtel Payments Bank, and Freecharge.

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