The public offerings of Vishal Mega Mart and One Mobikwik Systems, which both opened for bidding on Wednesday, are expected to garner significant attention.
Mobikwik’s highly anticipated IPO launched on December 11, 2024, with a total issue size of ₹572 crore. This entirely fresh issue offers 2.05 crore equity shares at a price band of ₹265-₹279 per share. Retail investors must invest a minimum of ₹14,787 for a lot size of 53 shares, while small non-institutional investors (sNIIs) and big non-institutional investors (bNIIs) require 742 and 3,604 shares, respectively. The IPO closes on December 13, with share allotment set for December 16 and trading scheduled to begin on December 18 at the BSE and NSE.
Founded in 2009 and headquartered in Gurugram, Mobikwik is a leading fintech company offering a range of payment solutions, including prepaid digital wallets, utility bill payments, money transfers, QR code-based payments, UPI transactions, and RuPay credit card payments. Ahead of its IPO, Mobikwik raised ₹257.4 crore from anchor investors by allotting 92.26 lakh shares at ₹279 per share.
The IPO has received a strong response, with retail subscriptions oversubscribed 7.69 times and the non-institutional investors’ segment subscribed 1.55 times. Remarkably, the Mobikwik IPO was fully booked within the first hour of opening.
The proceeds from the IPO will be used to drive the company’s organic growth, expand its financial and payment services, and invest in AI, machine learning, and technology R&D. Additionally, funds will be allocated for capital expenditure on payment devices and other strategic initiatives.
Mobikwik’s consolidated total income rose to ₹890.3 crore in FY24, a significant increase from ₹561.6 crore in FY23 and ₹543.2 crore in FY22. After reporting losses of ₹128.16 crore in FY22 and ₹83.8 crore in FY23, the company turned profitable in FY24, achieving a net profit of ₹14.08 crore.
With scalable operations, strong profitability, and a loyal consumer base, Mobikwik has established itself as a key player in India’s fintech space. The company’s low customer acquisition cost (₹32.87) and an impressive 90.3% repeat usage rate further highlight its strength. Holding a 24% share of the PPI wallet market and an attractive valuation of 2.3x EV/Sales, Mobikwik is well-positioned for sustained growth in the years ahead.
