MobiKwik IPO to open for subscription on Wednesday in a price band Rs 265-279

Initial public offering (IPO) refers to the process where companies sell their shares to the public to raise equity capital from the investors.

Payments solution company One MobiKwik Systems has fixed the price band of Rs 265 to Rs 279 for its maiden initial public offering. The company's Initial Public Offering will open for subscription on Wednesday and close on Friday.

Investors can bid for a minimum of 53 shares and in multiples of 53 thereafter. The IPO is entirely a fresh issue of up to Rs 572 crore and with no offer of sale component.

The proceeds from its fresh issuance will be utilized to the extent of Rs 150 crore for funding organic growth in its financial services business; Rs 135 crore for funding organic growth in its payment services business; Rs 107 crore for Research and development ("R&D") investment in data, ML and AI and product and technology; Rs 70.28 crore for capital expenditure for its payment devices business; and general corporate purposes. One MobiKwik Systems, founded by Bipin Preet Singh and Upasana Taku, primarily with key businesses consisting of payment services and financial services.

As of June 30, 2024, the platform is said to have acquired 161.03 million registered users and enabled 4.26 million merchants to transact both online and offline. Taking opportunities in India's booming stock market, many companies intended to list their shares, and a sizable number of them have made handsome gains.

Initial public offering (IPO) refers to the process where companies sell their shares to the public to raise equity capital from the investors. (ANI)

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