MobiKwik IPO: Fintech major raises ₹257 crore from anchor investors ahead of subscription

MobiKwik IPO: One Mobikwik Systems Limited almost raised ₹257 crore from anchor investors ahead of the opening of tomorrow’s IPO subscription bidding. The fintech giant’s initial public offering (IPO) is all set to hit the primary market during the three-day subscription period, which opens on Wednesday, December 11, 2024 and closes on Friday, November 13, 2024.

MobiKwik Ltd has allotted 92.26 lakh shares to 21 funds on ₹279 each in the anchor round, the upper end of the price range. This translates into a transaction size of ₹257.4 million. According to BSE, foreign and domestic institutions that participated in the anchor round included Government Pension Fund (Norges Fund), Eastspring Investments, Morgan Stanley Investments, White Oak Capital, 360 One Asset & Wealth Management, HDFC Mutual Fund (MF), Axis MF , SBI MF and SBI General Insurance.

Also read: Three motherboard IPOs launching tomorrow: Everything you need to know about MobiKwik, Sai Life and Vishal Mega Mart public issues

MobiKwik IPO details

MobiKwik Systems is ready to increase ₹572 crore through the IPO, which will consist entirely of a fresh issue of shares without an offer-for-sale (OFS) component. The price range of the issue is set at ₹265 to ₹279 per share of equity having a nominal value of ₹2. The IPO lot size is 53 shares and a multiple of 53 shares thereafter.

The issues will close for bidding on December 13, 2024. The allotment for Mobikwik’s IPO is expected to be completed on Monday, December 16, 2024. After the IPO, Mobikwik’s shares will be listed on BSE, NSE, with a provisional listing. date set for Wednesday, December 18, 2024.

One Mobikwik IPO has reserved not less than 75 percent of the shares in the public issue for qualified institutional buyers (QIB), not more than 15 percent for non-institutional institutional investors (NII), and not more than 10 percent of the shares . the offer is reserved for private investors.

Also read: One IPO of MobiKwik Systems: price range set at ₹265-279 per share; check key dates, song size and more

The book-running lead managers (BRLM) of MobiKwik IPO are SBI Capital Markets Limited and Dam Capital Advisors Ltd (formerly IDFC Securities Ltd). The registrar of the public issue is Link Intime India Private Ltd. Shares of the company are available at a premium of ₹132 on the gray market today.

MobiKwik company details

Founded in March 2008, Mobikwik is a fintech company that offers prepaid digital wallets and online payment services. These services allow consumers to pay utility bills such as mobile phone charging, electricity and credit card bills. Bipin Preet Singh, Upasana Rupkrishan Taku, Koshur Family Trust and Narinder Singh Family Trust are the initiators of the company.

The company functions as a platform company with a robust two-sided payment network that effectively connects consumers and merchants. As of June 30, 2024, we are proud to have acquired 161.03 million registered users and enabled 4.26 million merchants to facilitate online and offline payments.

Also read: Mobikwik IPO GMP rises ahead of issue opening next week; Check dates, price range and other important details

MobiKwik reported a profit of ₹14.08 crore for FY24. The company’s consolidated total income has increased significantly to ₹890.3 crore, reflecting a sharp increase of ₹561.6 crore in FY23 and ₹543.2 crore in FY22. The company has faced challenges over the past two financial years, with losses of ₹128.16 crore in FY22 and ₹83.8 crore in FY23.

MobiKwik is committed to investing in data, machine learning (ML) and artificial intelligence (AI) to further enhance its product and technology offerings. Additionally, the funds will be spent on capital expenditures for payment equipment and general corporate purposes, allowing the company to make significant progress in the competitive payments landscape.