The IPO of digital payments platform One MobiKwik Systems will open for public subscription on December 11 to raise Rs 572 crore from the primary market. MobiKwik shares are currently trading at a premium of over 35.8% in the grey market, with today's latest GMP being Rs 100.

The IPO comprises a fresh issue of 2.05 crore equity shares with a price band of Rs 265-279 per share. The anchor bidding round will begin on December 10.

The IPO is MobiKwik's second attempt at listing after withdrawing in 2021 due to unfavorable market conditions. While the fintech firm is leveraging its strong market position and innovative product offerings, it faces stiff competition from established players such as Paytm, PhonePe, and Airtel Payments Bank.

MobiKwik IPO: Price Band

The fintech firm has fixed the price band for the IPO at Rs 265-279 per equity share. The IPO is a book-built issue of Rs 572.00 crore and the offering comprises a fresh issue of 2.05 crore equity shares. The minimum lot size for an application is 53 shares and the minimum investment amount required by retail investors is Rs 14,787.

Meanwhile, the minimum lot size investment for small non-institutional investors is 14 lots, which is equivalent to approximately 742 shares, amounting to Rs 2.10 lakh and the minimum investment for large non-institutional investors is 68 lots, which is equivalent to 3,604 shares, amounting to Rs 10.05 lakh.

Mobikwik IPO: Key Dates

The MobiKwik IPO will open for public subscription on December 11 and the issue will close on December 13. A tentative listing date has been fixed as December 18 with the exchanges, BSE and NSE.

Objective of Mobikwik IPO

The IPO proceeds are earmarked for growth in financial and payment services, research and development in AI and machine learning, and expansion of payment device infrastructure.

About Mobikwik

Founded in 2008, MobiKwik operates a dual-side payments platform that serves over 161 million registered users and 4.26 million merchants as of June 2024.

The company offers services in digital payments, credit, and investment products. It has a 23.11% market share in the PPI wallet segment by gross transaction value as of May 2024, making it the largest wallet company in India. MobiKwik posted a net profit of Rs 14 crore in FY23, recovering from a loss of Rs 84 crore.