Mon Dec 16 10:29:34 UTC 2024: ## Mobikwik IPO Oversubscribed by 119 Times, Grey Market Premium Soars

**Mumbai, December 15, 2023** – The Mobikwik initial public offering (IPO), which opened on December 11th, has been massively oversubscribed, receiving bids 119.38 times the number of shares on offer by the closing date. Retail investors alone oversubscribed the IPO by 134.67 times. The fintech company aims to raise ₹572 crore through the issuance of 205,01,792 new shares. There is no offer for sale (OFS) component in this mainboard IPO, which will be listed on both the BSE and NSE. Share allotment is scheduled for December 16th, with shares credited to demat accounts on December 17th. Listing on the stock exchanges is expected on December 18th.

The IPO has generated significant buzz in the grey market, with reports indicating a premium of ₹165 per share on December 14th – a 59.14% increase over the issue price. Market experts predict this grey market premium (GMP) could rise further before listing.

Mobikwik, founded in 2008, operates as a credit offering platform and digital wallet, enabling users to make various online payments. Services include money transfers, mobile recharges, utility bill payments, and online shopping.

While the overwhelming response and high grey market premium suggest a potentially lucrative investment, investors are cautioned that market investments are subject to risk. Potential investors are advised to seek expert advice before making any investment decisions. This information is for informational purposes only and does not constitute investment advice.

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