According to a leading media wire, Reuters, Indian digital payments firm MobiKwik’s Rs 572 crore ($67.4 million) initial public offering (IPO) was fully subscribed within the first hour of opening on Wednesday. The strong investor interest reflects the optimism surrounding India’s flourishing online payments market.
Retail investors led the charge, placing bids nearly five times the shares reserved for them, while the non-institutional investor segment also saw full subscription, as per exchange data. However, institutional buyers, including foreign entities and mutual funds, were yet to participate in the bidding process.
The IPO, open from December 11 to 13, is priced in the range of Rs 265-279 per share, targeting a valuation of Rs 2,168 crore. The company anticipates its stock debut on December 18.
MobiKwik, which counts Bajaj Finance, Peak XV, and Abu Dhabi Investment Authority among its shareholders, is offering only fresh shares in this IPO. The firm had previously planned a larger Rs 1,900 crore IPO in 2021 but scaled it back after the lackluster listing of rival Paytm.
India's IPO market has been robust this year, with nearly 300 companies raising over USD 15 billion, more than double last year’s total, according to data compiled by LSEG. On Tuesday, MobiKwik raised Rs 257 crore from anchor investors, including Norway’s sovereign wealth fund and major mutual funds like HDFC and Quant.
