[Update] MobiKwik IPO Closes With 119.38X Oversubscription

Update | December 13, 8:47 PM

Fintech major MobiKwik’s initial public offering (IPO) closed with an oversubscription of 119.38X, becoming one of the most heavily bid public issues of new-age tech companies. Investors bid for 141.72 Cr shares as against 1.18 Cr on offer. 

Retail investors bid for the maximum number of shares, with the portion reserved for them oversubscribed 134.67X. They bid for 29.06 Cr shares against the 21.58 Lakh shares on offer. 

The IPO also received a strong response from non-institutional investors (NIIs) and qualified institutional buyers (QIBs).

QIBs bid for 77.38 Cr shares as against the 64.75 Lakh shares reserved for them, leading to 119.50X oversubscription. Meanwhile, NIIs’ quota was oversubscribed 108.95X, receiving bids for 35.27 Cr shares as against 32.38 Lakh shares reserved for them.

The company is scheduled to get listed on December 18.

 

Update | December 13, 4:15 PM

Fintech major MobiKwik’s initial public offering (IPO) continues to perform remarkably well, with the issue getting oversubscribed over 120 times on the final day of bidding.

According to BSE data, MobiKwik’s IPO attracted bids for 136.8 Cr shares against 1.12 Cr shares on offer. This translated to an oversubscription of 121.34 times.

As of 3:51 PM today (December 13), the quota reserved for retail investors was oversubscribed 134.13 times, attracting bids for 27.49 Cr shares against 20.50 Lakh shares on offer.

Qualified institutional buyers placed bids for 74.37 Cr shares against 61.50 Lakh shares reserved for them, resulting in an oversubscription of 120.93 times.

The portion reserved for non-institutional investors was booked 113.62 times, receiving bids for 34.94 Cr shares against 30.75 Lakh shares on offer.

Original Story | December 13, 12:59 PM

Fintech major MobiKwik’s initial public offering (IPO) continued to see robust demand from investors, with the issue getting oversubscribed 35.59 times on the final day of bidding.

As per BSE data, investors had placed bids for a whopping 40.12 Cr shares against 1.12 C shares on offer as of 12:27 PM today (December 13).

Overall, MobiKwik has raised INR 11,196.1 Cr from investors, including INR 257.40 Cr via the anchor book, through its IPO so far. In its red herring prospectus (RHP), the fintech startup said it planned to mobilise INR 572 Cr via its public offering.

MobiKwik’s IPO saw an overwhelming response from retail investors, who bid for 20.01 Cr shares against 20.50 Lakh shares reserved for them. This resulted in an oversubscription of 97.60 times.

The quota reserved for non-institutional buyers was oversubscribed 62.19 times, attracting bids for 19.12 Cr shares against 30.75 Lakh shares on offer.

Qualified institutional buyers oversubscribed the issue 1.62 times, placing bids for 99.47 Lakh shares against 61.60 Lakh shares reserved for them.

It is pertinent to note that MobiKwik’s investors such as Peak XV Partners, Bajaj Finance, among others, are not offloading any stake in the company. MobiKwik’s IPO does not have an offer for sale component and only comprises of a fresh issue.

The fintech company is eyeing a valuation of around $255 Mn during its public listing — a sharp discount to the $1.5-1.7 Bn valuation it sought during its previous attempt at an IPO in 2021.

Founded in 2009 by Bipin Preet Singh and Upasana Taku, MobiKwik is a digital banking platform that offers a suite of financial products for both consumers and merchants.

The fintech company generates revenue by providing consumer payments, buy now pay later (BNPL), and payment gateway services. 

The startup has also launched a sound box product, Vibe, to take on Paytm and PhonePe. Notably, MobiKwik entered the unicorn club in October 2021.

The company competes against the likes of Paytm, Freecharge, and Simpl, PhonePe and Google Pay in India’s burgeoning fintech market, which is expected to reach a market size of $2.1 Tn by 2030.

Notably, MobiKwik is set to become the second fintech company to go public after Paytm, which made its stock market debut in 2021.

MobiKwik posted a net loss of INR 6.6 Cr in the June quarter of the financial year 2024-25 (Q1 FY25) against a profit of INR 3 Cr in the year-ago period. Operating revenue stood at INR 342.2 Cr during the quarter under review.