Mobikwik IPO Fully Subscribed Within 90 Minutes of Launch

Payment services provider One Mobikwik Systems experienced robust investor interest for its initial public offering (IPO), which was fully subscribed in less than 90 minutes of opening on Wednesday, December 11, 2024.  

The IPO received bids for 1,86,90,026 shares compared to the 1,18,71,696 shares on offer, reflecting an oversubscription rate of 1.57 times by 11:21 AM. Retail Individual Investors (RIIs) showed the strongest enthusiasm, oversubscribing their reserved portion by 6.65 times. 

Non-Institutional Investors (NIIs) followed, subscribing at 1.34 times, as per NSE data. However, the Qualified Institutional Buyers (QIBs) segment saw limited participation, with just 2,968 shares bid against the 64,75,471 shares available.  

In line with the strong demand, Mobikwik’s unlisted shares were trading at Rs 415 in the grey market, indicating a premium of Rs 136 or 48.75% over the IPO’s upper price band of Rs 279.  

The Rs 572 crore book-built IPO is offered within a price band of Rs 265–Rs 279 per share, with a lot size of 53 shares. The public issue will remain open until Friday, December 13, 2024. 

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The allotment basis is expected to be finalized by Monday, December 16, 2024, with shares credited to demat accounts on Tuesday, December 17, 2024. The listing on BSE and NSE is scheduled for Wednesday, December 18, 2024.  

About Mobikwik

Founded in 2008, Mobikwik is a technology-driven leader in digital financial services and payments. As of June 2024, it serves over 161 million users and 4.26 million merchants, offering services including digital payments, credit, and investment products, with a presence in 99% of India’s pin codes.

This strong subscription momentum mirrors positive market sentiment and positions Mobikwik well in the digital payments space.