The ₹572-crore initial public offering of One MobiKwik Systems saw an overwhelming response from all categories of investors who subscribed at 119.38 times. The offer that came out with a price band of ₹265-279 a share received bids for 141.73 crore shares against 1.187 crore shares.
The entire IPO is a fresh issue, which means all the funds raised will go to the company. The retail investors were more aggressive as the quota allotted for them saw a subscription of 134.67 times. The HNI (non-institution) portion was subscribed 108.95 times and QIB’s by 119.50 times.
As part of the IPO, One MobiKwik Systems on Tuesday garnered ₹257 crore from anchor investors by allocating 92 lakh shares at ₹279 a share. Foreign and domestic institutions that participated in the anchor included marquee names such as Government Pension Fund (Norges Fund), Eastspring Investments, Morgan Stanley Investments, White Oak Capital, 360 One Asset & Wealth Management, HDFC MF, Axis MF, SBI MF, and SBI General Insurance.
The proceeds from the issue will be utilised to the extent of ₹150 crore for funding organic growth in its financial services business, ₹135 crore for funding organic growth in its payment services business, ₹107 crore for research and development investment in data, ML and AI and product and technology; ₹70.28 crore for capital expenditure for its payment devices business; and general corporate purposes.
SBI Capital Markets and DAM Capital Advisors were the book-running lead managers and Link Intime India Private Ltd was the registrar.
