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Fintech major MobiKwik’s initial public offering (IPO) has garnered significant attention, with the issue oversubscribed by 35.59 times on the final bidding day.
According to BSE data as of 12:27 PM on December 13, investors placed bids for a staggering 40.12 crore shares, compared to the 1.12 crore shares available for subscription.
Through its IPO, MobiKwik has raised ₹11,196.1 crore so far, which includes ₹257.40 crore raised via the anchor book. The company’s red herring prospectus (RHP) revealed plans to mobilize ₹572 crore through this public offering.
Retail investors showed exceptional enthusiasm, bidding for 20.01 crore shares against the 20.50 lakh shares reserved for them, resulting in a 97.60x oversubscription. Non-institutional buyers oversubscribed their quota by 62.19 times, while qualified institutional buyers oversubscribed by 1.62 times.
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Notably, MobiKwik’s IPO comprises a fresh issue, with no offer for sale (OFS) component. Existing investors like Peak XV Partners and Bajaj Finance are retaining their stakes.
The fintech company seeks a valuation of approximately $255 million during the listing, a sharp decline from its previously targeted $1.5-$1.7 billion valuation in 2021.
Founded in 2009 by Bipin Preet Singh and Upasana Taku, MobiKwik offers digital banking services and generates revenue through consumer payments, buy now pay later (BNPL) services, and payment gateway solutions.
Competing with giants like Paytm, PhonePe, and Google Pay, the company recently introduced its sound box product, Vibe, to expand its offerings.
MobiKwik entered the unicorn club in 2021 and is set to become the second Indian fintech to go public after Paytm. In Q1 FY25, the company reported a net loss of ₹6.6 crore on operating revenue of ₹342.2 crore. Despite this, it remains a key player in India's rapidly growing fintech market, expected to reach $2.1 trillion by 2030.
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