MobiKwik IPO Soars with Strong Investor Backing

Fintech firm MobiKwik's IPO received an overwhelming 20.37 times subscription on its second day, significantly driven by retail and non-institutional investors. This Rs 572-crore IPO marks MobiKwik's second attempt after shelving their initial plans in 2021. Key investors include SBI Capital Markets and DAM Capital Advisors.

MobiKwik's IPO has garnered significant attention, receiving 20.37 times the subscription on just its second day of bidding. The fintech firm has successfully invited heavy participation from both retail and non-institutional investors.

According to data from the NSE, bids were received for a massive 24,18,36,721 shares compared to the 1,18,71,696 shares on the offer. The RII portion achieved a 64.52 times subscription, while the non-institutional investors' quota was taken up 30 times. The QIBs saw 84 percent subscription.

This Rs 572-crore IPO marks MobiKwik's second try at going public following a previous cancellation in 2021. The Gurugram-based firm has significantly reduced the size of its offering and aims to list its shares on both the BSE and NSE.

(With inputs from agencies.)