5 days Ago By CNBCTV18
Shares of One MobiKwik Systems Ltd., parent company of the fintech platform MobiKwik are set to list at a substantial premium to their IPO price on Wednesday, December 18. Share Market View All Nifty Gainers View All Company Value Change %Change The company finalised the share allotment for eligible bidders on Monday, December 16.
You can read more on that here. MobiKwik's three-day Initial Public Offering was subscribed nearly 120 times. Investors placed bids for 141.
72 crore shares, compared to the 1.18 crore shares on offer. The IPO ended up with bids worth over ₹39,500 crore, while the plan was to raise ₹572 crore through the issue.
MobiKwik had fixed the IPO price band between ₹265 - ₹279 per share. As per reports, MobiKwik's Grey Market Premium (GMP) is currently at ₹166, which implies a potential listing price of ₹445 per share, a listing premium of 60% from the upper end of its IPO price. MobiKwik's IPO was booked 134.
67 times in the retail category followed by a subscription figure of 119.50 times by qualified institutional buyers (QIBs). Non-institutional investors bid for 35.
27 crore shares against 32.37 lakh shares, resulting in an oversubscription of 108.95 times.
MobiKwik's ₹572 crore issue was entirely a fresh issue of shares. The company had planned to raise ₹1,900 crore earlier when it first filed for the IPO in 2021. Back then, the IPO was called off due to market conditions.
MobiKwik returned to the primary markets with a significantly lower IPO size of over ₹700 crore before finally coming out with a ₹572 crore issue. When quizzed about the IPO downsizing, the management of MobiKwik told CNBC-TV18 that over this three-year period, the company had scaled significantly in revenue terms, resulting in a lower IPO size..
