A total of 49.27 Lakh shares, or 53.42% of the shares allotted in the anchor round, were picked up by six domestic mutual funds.
MobiKwik’s IPO, which will open on December 11 and close on December 13, will only include a fresh issue of shares worth INR 572 Cr.
MobiKwik slipped into the red and posted a net loss of INR 6.6 Cr in Q1 FY25 compared to a net profit of INR 3 Cr in Q1 FY24.
Financial technology company nears initial public offering (IPO) MobiKwik
raised INR 257.40 Cr by allocating 92.25 Lakh shares at INR 279 each to 21 anchor investors including Morgan Stanley, SBI, Whiteoak, HDFC Mutual Fund, Axis Mutual Fund, among others.
A total of 49.27 Lakh shares, or 53.42% of the shares allotted in the anchor round, were picked up by six domestic mutual funds. SBI and Quant Mutual Fund landed the biggest coins in the anchor investment round, securing 14.33 Lakh shares for INR 39.99 each.
Meanwhile, HDFC Mutual Fund grabbed 11.64 Lakh shares of MobiKwik through its three funds – HDFC Multicap Fund, HDFC Banking and Financial Services Fund and HDFC Non Cyclical Consumer Fund.
The MobiKwik IPO will open on Wednesday (December 11) and close on Friday (December 13).
The startup plans to raise INR 572 Cr through its public issue and has set a price band of INR 265-279 for the IPO. MobiKwik’s investors, including Peak
The company is eyeing a valuation of nearly $255 million in its public listing, up from the $1.5 billion to $1.7 billion it sought in its previous IPO attempt in 2021.
Before listing, brokerages have given the green light to MobiKwik’s public offering. While Bajaj Broking recommended investors to subscribe to the MobiKwik IPO from a long-term perspective, Kotak Securities said it was an attractive investment opportunity.
Buoyed by positive remarks from brokerage firms, MobiKwik shares were trading around 40% higher in the gray market on Monday (December 9) from the upper end of the price band of INR 265 to INR 279.
MobiKwik is the second major Indian fintech startup looking to go public, after Paytm’s IPO in 2021. The Vijay Shekhar Sharma-led company’s public issue included a fresh issue of INR 8,300 Cr and an offer for sale of INR 10,000 Cr.
Founded in 2009 by Bipin Preet Singh and Upasana Taku, MobiKwik is a digital banking platform that offers a suite of financial products to consumers and merchants. It generates revenue by offering online payment services, sounding boards, cash advances to merchants, among other services.
MobiKwik slipped into the red in the first quarter (Q1) of the financial year 2024-25 (FY25). It reported a net loss of INR 6.6 Cr during the quarter. compared to a net profit of INR 3 Cr a year ago. Operating revenue stood at INR 342.2 Cr during the quarter under review.
MobiKwik had recorded a net profit of INR 14.1 Cr in FY24 compared to a net loss of INR 83.19 Cr in the previous financial year. Operating revenue increased by 62% to INR 875 Cr from INR 539.5 Cr in FY23.