Mobikwik's IPO will be open from December 11 to December 13, the price band is Rs 265-279 per share. The company aims to raise Rs 572 crore, and it will be used for expansion and investment in technology.
Mobikwik IPO: Know the price band, application process and what is GMP
Gurugram-based One MobiKwik Systems has announced the launch of its IPO on December 11, which will remain open till December 13. The price band for this IPO has been fixed at Rs 265-279 per share. Investors have to apply for a minimum of 53 equity shares, and after that they can apply in multiples. The minimum investment amount for retail investors is Rs 14,787.
One MobiKwik Systems IPO is a completely fresh issue, with no offer for sale (OFS). The company plans to raise Rs 572 crore through this IPO. These funds will be used to grow the company's financial and payment services business as well as invest in data, machine learning (ML) and artificial intelligence (AI). Apart from this, the amount will also be invested in payment instruments and general corporate purposes to support capital expenditure.
The allocation of shares under the IPO will be as follows:
- 75% for qualified institutional buyers (QIBs)
- 15% for non-institutional investors (NIIs)
- 10% for retail investors
What is the GMP?
The grey market premium (GMP) of MobiKwik is currently at Rs 0, with no premium visible over the issue price.
Company History and Goals
MobiKwik was founded by Bipin Preet Singh and Upasana Taku. The main objective of the company is to use technology to promote financial inclusion for the underprivileged population in India. MobiKwik serves consumers and merchants with a two-way payment network. In addition, the company also operates a B2B payment gateway through ZakPay.
MobiKwik has achieved profitability for the first time in FY24, and reported a profit after tax (PAT) of Rs 14.08 crore. This is a big improvement from the loss of Rs 83.81 crore in FY23. The company's revenue from operations has also increased to Rs 875 crore as against Rs 540 crore in the previous year.
Key Members for the IPO
The book-running lead managers for the IPO are SBI Capital Markets Limited and DAM Capital Advisors Limited, while Link Intime India Private Limited is the registrar to the offer. The equity shares under the IPO are planned to be listed on both BSE and NSE.
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