One MobiKwik Systems Unlisted Shares

MobiKwik Reduces IPO Size for the third time to around Rs 572 Crore.

Money Control

2 min read

IPO Size Reduction and History: MobiKwik reduced its IPO size to Rs 572 crore from Rs 700 crore (January 2024), after postponing a Rs 1,900 crore IPO in July 2021 due to market volatility and weak peer performance.
Price Band and Subscription Dates: The IPO price band is Rs 265-279 per share, with subscriptions opening on December 11, 2024.
Anchor Bidding and Allotment Timeline: Anchor bidding will begin on December 10, and the issue will close on December 13. The allotment is set for December 16, with refunds and equity credit on December 17, total mcap at Rs 2,165 crore at the upper price band.
Use of Proceeds: The firm aims to use proceeds for expanding its financial services business (Rs 150 crore), payment services (Rs 135 crore), AI and technology R&D (Rs 107 crore), and capital expenditure for payment devices (Rs 70.2 crore).
User and Merchant Base: MobiKwik, founded by Bipin Preet Singh and Upasana Taku, connects 161.03 million users and 4.26 million merchants (as of June 30, 2024).
Market Position and Services Expansion: As of May 2024, MobiKwik holds a 23.11% market share in PPI wallet GTV and ranks sixth in 80 BBPS units, in August 2024 for offering diverse financial services including MobiKwik ZIP, UPI, Zaakpay, and peer-to-peer lending.
FY24 Financial Performance: MobiKwik reported FY24 revenue of Rs 875 crore (up from Rs 539.46 crore), with a net profit of Rs 14.08 crore (recovered from a loss of Rs 83.81 crore); Q1 FY24 revenue was Rs 342.27 crore with a net loss of Rs 6.62 crore.

Takeaways

MobiKwik’s IPO size is reduced to Rs 572 crore, reflecting its growth strategy, strong market position, and positive financial performance.

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