Fri Dec 13 08:05:01 UTC 2024: **MobiKwik’s IPO Oversubscribed by Retail Investors**
**Mumbai, December 13, 2024** – One MobiKwik Systems’ ₹572 crore initial public offering (IPO) concluded today, significantly oversubscribed at 20.41 times. Retail investors demonstrated particularly strong enthusiasm, driving a subscription rate of 64.65 times their allotted quota. The IPO, priced between ₹265 and ₹279 per share, saw a total of 92 lakh shares allocated to anchor investors on Tuesday for ₹257 crore.
The company, founded by Bipin Preet Singh and Upasana Taku, reported a profit of ₹14.08 crore for the fiscal year ending March 31, 2024, after incurring losses in previous years. The proceeds from the IPO, a fresh issue of equity shares, will be allocated to fuel organic growth in financial services, enhance payment services, invest in AI and data research and development, and fund capital expenditures for payment devices.
While the retail investor segment saw overwhelming demand, the Qualified Institutional Buyers (QIBs) segment showed lukewarm interest, subscribing at only 0.84 times. The Non-Institutional Investors (HNI) portion was oversubscribed by 30.07 times. MobiKwik’s IPO marks its successful third attempt at going public, following previous unsuccessful attempts in 2021 and earlier this year. The company attributed the smaller IPO size compared to previous attempts to its improved financial standing and reduced need for capital. Analysts have offered varying opinions on the valuation, with some viewing it as reasonably priced given the company’s profitability and growth in a competitive market. The shares are expected to list on the BSE and NSE on December 18th.
First Piper 