MobiKwik IPO: Fintech major raises ₹257 crore from anchor investors ahead of subscription
- MobiKwik IPO raised ₹257 crore from anchor investors and will hit the primary market for bidding on December 11, 2024.
MobiKwik IPO: One Mobikwik Systems Limited raised nearly ₹257 crore from anchor investors ahead of its IPO subscription opening for bidding tomorrow. The fintech major's initial public offering (IPO) is all set to hit the primary market for its three-day subscription period, opening on Wednesday, December 11, 2024, and closing on Friday, November 13, 2024.
MobiKwik Ltd allocated 92.26 lakh equity shares to 21 funds at ₹279 apiece in the anchor round, the upper end of the price band. This translates into a transaction size of ₹257.4 crore. According to BSE, foreign and domestic institutions that participated in the anchor round included the Government Pension Fund (Norges Fund), Eastspring Investments, Morgan Stanley Investments, White Oak Capital, 360 One Asset & Wealth Management, HDFC Mutual Fund (MF), Axis MF, SBI MF, and SBI General Insurance.
MobiKwik IPO details
MobiKwik Systems is poised to raise ₹572 crore through its IPO, which will consist entirely of a fresh issue of shares without an offer-for-sale (OFS) component. The price band of the issue has been fixed at ₹265 to ₹279 per equity share with a face value of ₹2. The IPO lot size is 53 equity shares and multiples of 53 equity shares thereafter.
The issues will close for bidding on December 13, 2024. The allotment for the Mobikwik IPO is expected to be finalized on Monday, December 16, 2024. After the IPO, shares of Mobikwik will be listed on BSE, NSE, with a tentative listing date fixed as Wednesday, December 18, 2024.
One Mobikwik IPO has reserved not less than 75 per cent of the shares in the public issue for qualified institutional buyers (QIB), not more than 15 per cent for non-institutional Institutional Investors (NII), and not more than 10 per cent of the offer is reserved for retail investors.
Also Read: One MobiKwik Systems IPO: Price band set at ₹265-279 per share; check key dates, issue size, more
MobiKwik IPO's book-running lead managers (BRLM) are SBI Capital Markets Limited and Dam Capital Advisors Ltd (formerly IDFC Securities Ltd). The public issue's registrar is Link Intime India Private Ltd. Shares of the company are available at a premium of ₹132 in the grey market today.
MobiKwik Company Details
Incorporated in March 2008, Mobikwik is a fintech company that offers prepaid digital wallets and online payment services. These services enable consumers to pay utility bills, such as mobile recharges, electricity, and credit card bills. Bipin Preet Singh, Upasana Rupkrishan Taku, Koshur Family Trust, and Narinder Singh Family Trust are the company's promoters.
The company functions as a platform business with a robust two-sided payment network that links consumers and merchants effectively. As of June 30, 2024, we are proud to have acquired 161.03 million registered users and empowered 4.26 million merchants to facilitate payments online and offline.
Also Read: Mobikwik IPO GMP rises ahead of issue opening next week; Check dates, price band, other key details
MobiKwik reported a profit of ₹14.08 crore for FY24. The company's consolidated total income has risen significantly to ₹890.3 crore, reflecting a strong increase from ₹561.6 crore in FY23 and ₹543.2 crore in FY22. The company did face challenges in the previous two fiscal years, with losses of ₹128.16 crore in FY22 and ₹83.8 crore in FY23.
MobiKwik is committed to investing in data, machine learning (ML), and artificial intelligence (AI) to enhance its product and technology offerings further. Additionally, the funds will be directed towards capital expenditures for payment devices and general corporate purposes, positioning the company for significant advancement in the competitive payments landscape.
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