There could be a good earning opportunity for investors waiting for IPO. One MobiKwik Systems said on Friday that its IPO will open for subscription on December 11. The price band for the initial public offering (IPO) of Rs 572 crore has been fixed at Rs 265-279 per equity share. According to PTI news, the company had announced its listing three years ago, but now it is finally ready to enter the market.
This issue will end on December 13
According to the news, the company has reduced its IPO size from Rs 1,900 crore to Rs 572 crore. The issue will end on December 13, while bidding for the anchor investor will open for one day on December 10. The red herring prospectus (RHP) states that the IPO is entirely a fresh issue of equity shares worth up to Rs 572 crore, with no offer for sale (OFS) portion.
Bidding can be done for a minimum of 53 equity shares.
In January 2024, the company had applied for an IPO of Rs 700 crore. It then reduced the IPO size to Rs 572 crore. It said bids can be made for a minimum of 53 equity shares and in multiples thereafter. Peak
This is the company's second attempt
MobiKwik had earlier tried to launch an IPO in July 2021. This is its second attempt. Earlier, the company had withdrawn its draft papers due to adverse market conditions. The company will use the proceeds from the fresh issue of Rs 150 crore for organic growth in its financial services business, Rs 135 crore for expansion of its payments services and Rs 107 crore for research and development in AI, machine learning and technologies. .
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