Fintech Battle Heats Up as MobiKwik Prepares INR 572 Cr Public Offering The INR 572-crore issue, which will close on December 13, has set a price band of INR 265-279 per share. The bidding for the anchor investor portion is slated for December 10.
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MobiKwik's upcoming IPO has generated significant buzz in the market, with its grey market premium (GMP) soaring to almost 40% ahead of its subscription opening on December 11.
The INR 572-crore issue, which will close on December 13, has set a price band of INR 265-279 per share. The bidding for the anchor investor portion is slated for December 10.
Market observers indicate that shares of One MobiKwik Systems, backed by Peak XV and ADIA, are commanding a GMP of INR 111-120 in the unofficial market. Early predictions suggest a potential listing at a premium of around 40%, underscoring robust investor interest.
Originally filed as an INR 700-crore IPO in January 2023, the Gurugram-based firm reduced the size to INR 572 crore following evolving market dynamics. This marks MobiKwik's second attempt at a public issue, after shelving its IPO plans in July 2021 due to unfavorable conditions.
Founded by Bipin Preet Singh and Upasana Taku, MobiKwik offers a comprehensive digital financial ecosystem through its flagship application, including payment services, digital credit, investments, and insurance. However, it faces stiff competition from industry heavyweights such as PhonePe, Paytm, Airtel Payments Bank, and Freecharge.
The IPO's success will be a pivotal milestone for MobiKwik as it seeks to carve a stronger foothold in India's competitive fintech landscape.
