MobiKwik IPO GMP Nears 40% Ahead Of Opening On Dec. 11; Check Details

One MobiKwik Systems Ltd. is set to launch its initial public offering (IPO) on December 11, 2024. Ahead of this opening, the grey market premium (GMP) for the MobiKwik IPO suggests that it might experience a strong listing gain of approximately 39.78% at the upper end of its price band. As of December 9, 2024, the GMP was noted at Rs 111, indicating robust demand.

The premium has increased since shares began trading on the unlisted market on December 6, showing a rise from Rs 100 to Rs 111 per share. It is important for prospective investors to understand that the GMP reflects potential listing advantages and can change quickly; it does not represent the official share price.

The MobiKwik IPO will be open for subscription starting December 11 and will close on December 13, 2024. Investors can expect the share allotment status to be finalized by December 16, followed by the anticipated listing date on December 18, 2024. These shares will be listed on both the Bombay Stock Exchange (BSE) and the National Stock Exchange (NSE).

MobiKwik IPO Price Band And Offer Size

The price band for the MobiKwik IPO has been established between Rs 265 and Rs 279 per share. Retail investors are required to apply for a minimum of 53 shares, meaning that the minimum investment necessary will be around Rs 14,787 per application. This public offering consists of a fresh issue of 2.05 crore shares, totaling approximately Rs 572 crore.

The registrar for this IPO is Link Intime India Pvt. Ltd., while the book running lead managers include SBI Capital Markets Ltd. and DAM Capital Advisors Ltd. (formerly known as IDFC Securities Ltd.).

Use of Proceeds

According to the details outlined in its red herring prospectus, MobiKwik intends to utilize the net proceeds from this IPO to further advance its payment and financial services, alongside investments in data, machine learning, AI, and technology innovations. Additionally, funds will be allocated for capital expenditures related to its payment devices sector, as well as for general corporate purposes.

About One MobiKwik Systems Ltd.

Founded by Bipin Preet Singh and Upasana Taku, One MobiKwik Systems Ltd. is well-known for its prepaid digital wallets and online payment services, predominantly through its flagship application, MobiKwik. The platform provides users with a variety of payment avenues and financial products, including digital credit, investment options, and insurance services.

Disclaimer: Investments in initial public offerings come with inherent market risks. It is advisable to consult with financial advisors and carefully review the red herring prospectus prior to making investments.

MobiKwik, IPO, Investment