Fri Dec 13 06:04:47 UTC 2024: **MobiKwik IPO Fully Subscribed on Day 1**
MUMBAI, INDIA – MobiKwik’s initial public offering (IPO) opened today, December 11th, and was fully subscribed within an hour of its launch. The fintech company aims to raise ₹572 crore (approximately $69 million USD) through the IPO, which will remain open until December 13th. The price band is set at ₹279 per share.
Strong investor interest is evident in the grey market premium (GMP), which indicates a potential listing price of ₹415, a 48.75% increase over the IPO price. Investorgain.com reports the shares are trading at a ₹136 premium in the grey market. It’s important to note that GMP is unofficial and the actual listing price may differ. The company’s shares are expected to list on the BSE and NSE on December 18th.
The IPO consists entirely of a fresh issue of ₹572 crore, with no offer for sale component. The company plans to allocate the funds towards organic growth in its financial services and payment services businesses, research and development in data, ML, AI, and product technology, and capital expenditure on payment devices. Investors can bid for a minimum of 53 equity shares and multiples thereof.
First Piper 