Mobikwik sets price band of Rs 265-279 a share; cuts down IPO size for third time
One Mobikwik Systems Ltd has reduced its IPO size for the third time to around Rs 572 crore. The price band is set at Rs 265-279 per share, with subscriptions opening on December 11.
The stock is set to list on December 18. Initially, the company filed for a Rs 700 crore IPO in January 2024. In July 2021, it received approval for a Rs 1,900 crore IPO but postponed the plan due to market volatility and the weak performance of peer startups in public markets.
The company plans to utilize the proceeds for various purposes, including Rs 150 crore for organic growth in its financial services business, Rs 135 crore for expanding its payment services, Rs 107 crore for research and development in AI, machine learning, and technology, and Rs 70.2 crore for capital expenditure on payment devices.
