Mobikwik’s IPO subscribed 7.3 times on first day

Digital payments platform Mobikwik’s initial public offering received strong interest from investors on the first day of its launch.

The issue sailed through within an hour of being opened for subscription, led by retail investor interest.

According to BSE data, as of Wednesday’s close, the Rs 572 crore issue was subscribed 7.3 times. Retail investors bid for almost 27 times the shares allocated for them, while non-institutional investors subscribed nine times of their quota.


Mobikwik issue entirely comprises new shares, as none of the company’s investors are selling any stake. The company has set a price band of Rs 265-279 per share for the issue.

This is Mobikwik’s second attempt at going public. It filed the draft prospectus for the issue with the capital markets regulator in January. Its initial plan was to raise Rs 700 crore, which was reduced to Rs 572 crore subsequently.

The first attempt at an IPO was in 2021.

On Tuesday, Mobikwik informed the stock exchanges that it raised Rs 257.4 crore from anchor investors ahead of the IPO. Twenty-one funds invested through the anchor placement round. Ten domestic funds which accounted for Rs 137.4 crore of the total amount raised.

In its prospectus, the company said it plans to utilise the proceeds from the IPO for funding organic growth of its financial services and payments business.

It said that Rs 150 crore from the proceeds will be used towards capital adequacy for providing default loss guarantees to the lending partners.

Mobikwik’s institutional shareholders include Peak XV Partners, Abu Dhabi Investment Authority and American Express.

In FY24, the company reported operating revenue of Rs 875 crore, up 62% year-on-year. Its financial services business and payments vertical contribute equally to revenue.

Mobikwik posted a net profit of Rs 14 crore for the fiscal year, against a net loss of Rs 84 crore in FY23.