One MobiKwik Systems IPO subscribed 7.3 times on first day of offer
The Hindu
MobiKwik IPO oversubscribed 7.3 times on first day, reducing size to ₹572 crore due to market conditions.
The initial public offering (IPO) of fintech company One MobiKwik Systems got subscribed 7.3 times, receiving an overwhelming response from retail investors, on the first day of sale on Wednesday (December 11, 2024).
This is the second attempt by the Gurugram-based firm for the public issue following its first attempt in July 2021. Earlier, the company shelved its IPO plans and withdrew the draft papers due to unfavourable market conditions.
The share sale received bids for 8,68,26,031 shares, as against 1,18,71,696 shares on offer, as per data available on the National Stock Exchange (NSE).
The Retail Individual Investors (RIIs) part got subscribed 26.71 times, while non-institutional investors category received 8.97 times subscription, and the quota for Qualified Institutional Buyers (QIBs) received a mere 2 per cent subscription.
Mobikwik has reduced its IPO size from its earlier plans of ₹1,900 crore in 2021 to Rs 700 crore in January this year to ₹572 crore now.
MobiKwik MD and CEO Bipin Preet Singh cited improved financial performance and strategic adjustments behind the IPO downsizing, reflecting a more realistic valuation, based on the current market conditions.
"The company is sustainable and profitable, and we have recovered from our losses and we don't require that much cash at this point of time and this has allowed us to reduce the IPO size significantly," Singh told reporters at an event here.
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