MobiKwik IPO: Rapidly Fully Subscribed in One Hour Amidst High Investor Demand on Opening Day

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MobiKwik IPO: MobiKwik's initial public offering (IPO) launched on December 11, 2024, and has already been fully subscribed within the first hour. The IPO will remain open for subscriptions until December 13, 2024. The allotment of shares is expected to be completed by December 16, 2024, with the listing scheduled on the Bombay Stock Exchange (BSE) and National Stock Exchange (NSE) on December 18, 2024.

MobiKwik IPO: Price Band and Investment Details

The price range for the initial public offering (IPO) has been established between Rs. 265 and Rs. 279 per share, with a minimum application requirement of 53 shares. Retail investors are required to make a minimum investment of Rs. 14,787. For Small and Non-Institutional Investors (sNII), the minimum investment consists of 14 lots (742 shares), which totals Rs. 207,018. In contrast, large Non-Institutional Investors (bNII) must invest a minimum of 68 lots (3,604 shares), resulting in a total of Rs. 1,005,516.

Strong Demand on Day 1

MobiKwik's initial public offering (IPO), which is valued at Rs. 572 crore, quickly garnered interest, experiencing a significant influx of bids within hours of its launch. By 11:40 a.m. on the inaugural day, the IPO had received bids for 2,16,17,852 shares, exceeding the 1,18,71,696 shares available for subscription. The retail segment was oversubscribed by 7.69 times, while the portion allocated for Non-Institutional Investors saw a subscription rate of 1.55 times.

Before the IPO's opening, the company secured Rs. 257 crore from anchor investors. This public offering consists solely of new equity shares, with no component for sale by existing shareholders. The funds raised through the IPO are intended to support MobiKwik's growth strategies, which include the expansion of its financial services and payment solutions, as well as investments in artificial intelligence, machine learning, and technological advancements.

MobiKwik, recognized for its digital wallet and payment solutions, also provides a variety of financial products, including digital credit, insurance, and investment opportunities via its primary application. This marks MobiKwik's second attempt at an IPO, following a previous effort in July 2021 that was ultimately retracted in November 2021 due to adverse market conditions.

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