Gurugram-based One MobiKwik Systems has announced the launch of its IPO on December 11, which will remain open till December 13. The price band for this IPO has been fixed at Rs 265-279 per share. Investors have to apply for a minimum of 53 equity shares, and after that, they can apply in multiples. The minimum investment amount for retail investors is Rs 14,787.

Will raise Rs 572 crore from IPO

One MobiKwik Systems IPO is a completely new issue, with no offer for sale (OFS). The company plans to raise Rs 572 crore through this IPO. These funds will be used to expand the company's financial and payment services businesses, as well as to invest in data, machine learning (ML,) and artificial intelligence (AI). Apart from this, the amount will also be invested in payment devices and general corporate purposes to support capital expenditure.

Distribution of Share Allotment

The allotment of shares under the IPO will be as follows:

• 75% for qualified institutional buyers (QIBs)
• 15% for non-institutional investors (NIIs)
• 10% for retail investors

What is GMP?

The grey market premium (GMP) of Mobikwik is currently Rs 0, i.e., there is no premium visible over its issue price.

Company history and goalMobiKwikik was founded by Bipin Preet Singh and Upasana Taku. The main objective of the company is to use technology to promote financial inclusion for the underprivileged population in India. Mobikwik serves consumers and merchants with a two-sided payment network. Apart from this, the company also operates a B2B payment gateway through Zaakpay.

Recent Performances

Mobikwik has achieved profitability for the first time in FY24, and has reported a profit after tax (PAT) of Rs 14.08 crore. This is a big improvement from the loss of Rs 83.81 crore in FY23. The company's revenue from operations has also increased to Rs 875 crore, as against Rs 540 crore in the previous year.

Key members for IPO

The book-running lead managers of this IPO are SBI Capital Markets Limited and DAM Capital Advisors Limited, while Link Intime India Private Limited is the registrar of this offer. Under the IPO, the equity shares are planned to be listed on both BSE and NSE.