Mobikwik IPO fully subscribed: Retail investors drive demand on Day 1

Strong subscription aligns with grey market trends, as Mobikwik shares were trading at Rs 415 apiece, reflecting a GMP of Rs 136 or 48.75 per cent over the upper end of the IPO price band of Rs 279

Mobikwik IPO subscription status: Payment services provider, One Mobikwik Systems, witnessed strong participation from investors for its initial public offering (IPO) as the issue was fully subscribed in less than 90 minutes of opening on Wednesday, December 11, 2024. 

 

Mobikwik IPO received bids for 1,86,90,026 shares against 1,18,71,696 shares on offer, resulting in an oversubscription of 1.57 times, as of 11:21 AM on Wednesday. Retail Individual Investors (RIIs) showed the highest demand, subscribing to their reserved category by 6.65 times. This was followed by Non-Institutional Investors (NIIs), who subscribed 1.34 times, showed the NSE data.  

 

Meanwhile, the quota reserved for Qualified Institutional Buyers (QIBs) received bids for only 2,968 shares against 64,75,471 shares reserved for the category. 

   

The strong subscription aligns with grey market trends, as Mobikwik's unlisted shares were trading at Rs 415, reflecting a grey market premium (GMP) of Rs 136 or 48.75 per cent over the upper end of the IPO price band of Rs 279, according to sources tracking unofficial markets.

 

The Mobikwik IPO, a book-built issue of Rs 572 crore, is available in a price band of Rs 265–Rs 279 per share, with a lot size of 53 shares. The public offering will remain open for subscription until Friday, December 13, 2024. Post-closure, the basis of allotment will tentatively be finalized on Monday, December 16, 2024, with shares credited to demat accounts on Tuesday, December 17, 2024.

 

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

 

Mobikwik IPO review

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About One Mobikwik Systems

One Mobikwik Systems (Mobikwik), founded in 2008, is a technology-driven company specializing in digital financial services and payments. As of June 2024, it serves over 161 million users and 4.26 million merchants. Mobikwik offers a variety of services, including digital payments, credit, and investment products. The company has an extensive reach, covering 99 per cent of India's pin codes.