Mon Dec 16 06:49:37 UTC 2024: **Mobikwik IPO Oversubscribed by Over 125 Times, Trading at Significant Premium in Grey Market**
MUMBAI, December 14, 2024 – The initial public offering (IPO) of fintech company Mobikwik has been massively oversubscribed, exceeding expectations by a significant margin. The IPO, which closed on December 13th, saw a subscription rate of over 125.63 times its total size of ₹572 crore. Retail investors alone subscribed 141.48 times their allocation.
The strong demand is reflected in the grey market, where Mobikwik shares are trading at a premium of over 50%, reaching a grey market premium (GMP) of ₹150 on Friday. This indicates that the shares may list at around ₹429 (₹279 IPO price + ₹150 GMP), offering investors a potential gain of over 53% on listing day. Mobikwik shares are scheduled to list on the Bombay Stock Exchange (BSE) and the National Stock Exchange (NSE) on December 18th, 2024.
Mobikwik, founded in March 2008, provides prepaid digital wallets and online payment services. The overwhelming response to the IPO suggests strong investor confidence in the company’s future prospects.
First Piper 