Thu Dec 12 19:08:26 UTC 2024: **MobiKwik’s IPO Oversubscribed on Day One, Attracting Strong Retail Investor Interest**

GURUGRAM, INDIA – December 12, 2024 – One MobiKwik Systems, a leading fintech company, saw its initial public offering (IPO) significantly oversubscribed on its first day, exceeding expectations with a 7.3 times subscription rate. The IPO, which opened on December 11th and closes on December 13th, is offering 572 crore rupees worth of new shares priced between ₹265 and ₹279 per share. This marks a successful second attempt at an IPO for MobiKwik, following previous unsuccessful attempts in 2021 and earlier this year.

The strong demand was primarily driven by retail investors, with the retail portion of the IPO massively oversubscribed. While the Qualified Institutional Buyer (QIB) portion saw lukewarm interest initially, the overall subscription rate surged throughout the day, reaching an impressive 17.07 times oversubscription by late afternoon on December 12th.

MobiKwik, founded by Bipin Preet Singh and Upasana Taku, offers a range of digital payment options and financial products. The company attributes the reduced IPO size compared to previous attempts to its improved financial performance and profitability achieved in FY24. The proceeds from the IPO will primarily fund organic growth, research and development, and capital expenditure on payment devices.

Despite facing stiff competition from established players like Paytm and PhonePe, MobiKwik’s profitability and seemingly attractive valuation relative to its peers have fueled investor confidence. Analysts suggest the IPO is attractively priced for long-term investors with a higher risk tolerance. The shares are expected to begin trading on December 18th on the BSE and NSE.

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