Mobikwik IPO sees strong demand on Day 2: Subscription zooms 9x, GMP up 53%

Mobikwik IPO Day 2: The initial public offering (IPO) of the payment services provider, One Mobikwik Systems, which was fully subscribed during the first hour of its subscription on Wednesday, December 11, 2024, continued to garner enthusiastic participation from investors on the second day of its subscription window. 

 

The public offering of Mobikwik has received bids for 11,40,48,686 shares against 1,18,71,696 shares on offer, resulting in an oversubscription of 9.61 times. This strong demand was driven by retail investors, who subscribed to the category reserved for them 34.01 times as of 11:06 AM on Thursday, December 12, according to data available on the National Stock Exchange (NSE).

 

The demand for the Mobikwik IPO was also high among Non-Institutional Investors (NIIs), who have so far oversubscribed their quota by 12.47 times. Notably, Qualified Institutional Buyers (QIBs) have shown minimal interest, placing bids for only 1,45,114 shares against 64,75,471 shares reserved for the category.

 

The strong subscription mirrors trends in the grey market, where Mobikwik's unlisted shares commanded a solid premium on Thursday. The company’s shares were trading at Rs 428, reflecting a grey market premium (GMP) of Rs 149 or 53.41 per cent over the upper end of the IPO price band of Rs 279, according to sources tracking unofficial markets.

 

The Rs 572-crore Mobikwik IPO is being offered in a price band of Rs 265–Rs 279 per share, with a lot size of 53 shares. The public offering is set to conclude on Friday, December 13, 2024. Post-closure, the basis of allotment for the Mobikwik IPO will be finalised tentatively on Monday, December 16, 2024, with shares credited to demat accounts on Tuesday, December 17, 2024.

 

Mobikwik shares are expected to make their market debut on the BSE and NSE tentatively on Wednesday, December 18, 2024.

 

Mobikwik IPO review

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  About One Mobikwik Systems

One Mobikwik Systems (Mobikwik), established in 2008, is a technology-driven company specialising in digital financial services and payment solutions. With a vast user base of over 161 million and a merchant network of 4.26 million as of June 2024, Mobikwik offers a diverse range of services, including digital payments, credit facilities, and investment products. Notably, the company's extensive reach covers 99 per cent of India's pin codes, cementing its position as a prominent player in the country's digital payments landscape.