Mobikwik IPO GMP zooms 40% ahead of Dec 11 opening; Key details from RHP

Mobikwik IPO GMP today: Shares of digital wallet and online payment services provider One Mobikwik Systems are buzzing in the grey market ahead of their much-awaited initial public offering (IPO). Sources tracking grey market activities revealed that Mobikwik shares were trading at Rs 390 apiece, reflecting a grey market premium (GMP) of Rs 111 or 39.78 per cent per share against the upper end of the IPO price band of Rs 279.

 

As investors await the opening of the public offering, here are the key details of the Mobikwik IPO, as per the Red Herring Prospectus (RHP) filed by the company: 

Mobikwik IPO price band, lot size

The Rs 572 crore offering by Mobikwik is set to open for public subscription on Wednesday, December 11, 2024. As per the RHP, the Mobikwik IPO comprises an entirely fresh issue of shares.

 

The IPO will be available at a price band of Rs 265-279 per share, with a minimum lot size of 53 shares. Investors can bid for a minimum of 53 shares and in multiples thereof. For a maximum bid of under Rs 2,00,000, retail investors can apply for up to 13 lots, totaling 689 shares.

 

Mobikwik IPO key dates

The three-day subscription window for the Mobikwik IPO will close on Friday, December 13, 2024. The basis of allotment is expected to be finalised on Monday, December 16, 2024, with shares credited to demat accounts by Tuesday, December 17, 2024.

 

Mobikwik shares are likely to list on the BSE and NSE on Wednesday, December 18, 2024. 

 

Mobikwik IPO objectives

According to the RHP, Mobikwik plans to utilise the net proceeds for funding organic growth in its financial services and payment services businesses, research and development in data, machine learning (ML), artificial intelligence (AI), and technology, capital expenditure for its payment devices business, and general corporate purposes.

 

Mobikwik IPO Registrar, lead managers

Link Intime India is the registrar for the Mobikwik IPO.  The book-running lead managers for the issue include SBI Capital Markets and DAM Capital Advisors (formerly IDFC Securities). 

 

About One Mobikwik Systems

Incorporated in March 2008, One Mobikwik Systems is a fintech company offering prepaid digital wallets and online payment services. The company provides various payment solutions, including utility bill payments, online and offline purchases, and money transfers.

 

Mobikwik has developed products such as MobiKwik ZIP and Merchant Cash Advance through partnerships with lending entities. As of June 30, 2024, the company had approximately 161.03 million registered users and 4.26 million merchants.