MobiKwik IPO sees 20x overall subscription on Day 2, retail portion booked 64x

MobiKwik's IPO got fully subscribed within an hour of opening of the issue on Wednesday, with investors expressing confidence in the strong growth prospects of India's thriving online payments market.

MobiKwik Systems initial public offering (IPO) continued to garner healthy response from retail investors on Day 2 of bidding as well, receiving an overall 20.37 times subscription on December 12.

The maiden share sale by the fintech company One MobiKwik Systems received bids for 24.1 crore shares, as against 1.18 crore shares on offer, as per data available on the National Stock Exchange (NSE) at 3.30 PM.

The Retail Individual Investors (RIIs) part got subscribed 64.52 times, while non-institutional investors category received 30 times subscription, and the quota for Qualified Institutional Buyers (QIBs) received 84 percent subscription.

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.

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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.

Earlier, it garnered Rs 257 crore from anchor investors. The Rs 572-crore IPO will conclude on December 13. The company has fixed the price band at Rs 265-279 per share.

MobiKwik's IPO got fully subscribed within an hour of opening of the issue on Wednesday, with investors expressing confidence in the strong growth prospects of India's thriving online payments market.