The initial public offering (IPO) of payment services provider One Mobikwik Systems witnessed strong investor interest on its opening day, December 11, 2024. The IPO was fully subscribed within 90 minutes of opening, reflecting robust demand from various investor categories.
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Mobikwik’s IPO was subscribed over 3.5 times as of 1 pm. According to data, Mobikwik’s IPO received bids for 3,96,80,623 shares against the 1,18,71,696 shares on offer.
Retail Individual Investors (RIIs) emerged as the most enthusiastic participants, subscribing to their reserved portion by 14.54 times. Non-Institutional Investors (NIIs) followed with a subscription of 3.20 times.
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In contrast, the portion reserved for Qualified Institutional Buyers (QIBs) received bids for only 8,798 shares against 64,75,471 shares allocated for the category. This tepid QIB response is expected to improve as institutional investors typically place large bids closer to the IPO’s closing date.
The strong initial response aligns with grey market trends. Mobikwik’s unlisted shares were trading at Rs 415, reflecting a grey market premium (GMP) of Rs 136 or 48.75% above the IPO’s upper price band of Rs 279 per share.
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The Rs 572-crore book-built issue is priced between Rs 265 and Rs 279 per share, with a lot size of 53 shares. The IPO will remain open for subscription until Friday, December 13, 2024.
Post-subscription, the basis of allotment will be finalised on Monday, December 16, 2024. Successful applicants will see shares credited to their demat accounts on Tuesday, December 17, 2024. Mobikwik is set to debut on the BSE and NSE on Wednesday, December 18, 2024, marking a significant milestone for the fintech company.
