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Investors waiting for an IPO may have a good earning opportunity. One Mobikwik Systems announced on Friday that its IPO will open for subscription on December 11. The price band for the initial public offering (IPO) of Rs 572 crore has been fixed at Rs 265-279 per equity share. According to PTI news, the company announced its listing three years ago, but now it is finally ready to enter the market.
The issue will end on December 13
According to the news, the company has reduced its IPO size from Rs 1,900 crore to Rs 572 crore. The issue will close on December 13, while the bidding for anchor investors will open for a day on December 10. The Red Herring Prospectus (RHP) states that the IPO is entirely a fresh issue of equity shares up to Rs 572 crore, with no offer for sale (OFS) portion.
Bids can be made for a minimum of 53 equity shares.
In January 2024, the company had applied for an IPO of Rs 700 crore. It then reduced the size of the IPO to Rs 572 crore. It said that bids can be made for a minimum of 53 equity shares and in multiples thereafter. Peak XV Partners (formerly Sequoia Capital India) held a 16.7percentt stake, while Abu Dhabi Investment Authority (ADIA) held a 2.8 percent stake in MobiKwik.
This is the second attempt of the company
.Mobikwik had earlier attempted to launch an IPO in July 2021. This is its second attempt. Earlier, the company had withdrawn its draft papers due to adverse market conditions. The company will use the proceeds from the new issue of Rs 150 crore for organic growth in its financial services business, Rs 135 crore to expand its payment services, and Rs 107 crore for research and development in AI, machine learning, and technology.
