Mobikwik IPO is a book-built issue with a total size of ₹572 crores. The entire issue comprises a fresh offering of 2.05 crore shares.
The IPO will open for subscription on December 11, 2024, and close on December 13, 2024. The allotment is expected to be finalized on December 16, 2024, and the shares are tentatively scheduled to list on the BSE and NSE on December 18, 2024.
The price band for the IPO is set between ₹265 and ₹279 per share. Retail investors can apply for a minimum lot size of 53 shares, which requires a minimum investment of ₹14,787.
For high net-worth investors, the small NII (sNII) category requires a minimum investment of 14 lots (742 shares), amounting to ₹207,018. The big NII (bNII) category requires 68 lots (3,604 shares), amounting to ₹1,005,516.
Mobikwik IPO Details
| Parameter | Details |
|---|---|
| IPO Date | December 11-13, 2024 |
| Listing Date | December 18, 2024 (Tentative) |
| Face Value | ₹2 per equity share |
| Price Band | ₹265 – ₹279 per equity share |
| Lot Size | 53 equity shares |
| Issue Size | ₹572 crore |
| Fresh Issue | 20,501,792 equity shares (₹572 crore) |
| Offer for Sale | Not applicable |
| Issue Type | Book Built Issue IPO |
| Listing At | BSE, NSE |
| DRHP | DRHP Pdf |
| RHP | RHP Pdf |
IMobikwik IPO Timeline
| Event | Date |
|---|---|
| IPO Opening Date | December 11, 2024 |
| IPO Closing Date | December 13, 2024 |
| Basis of Allotment | December 15, 2024 (Tentative) |
| Initiation of Refunds | December 16, 2024 (Tentative) |
| Credit of Shares to Demat | December 17, 2024 (Tentative) |
| Listing Date | December 18, 2024 (Tentative) |
IPO Lot Size and Application Details
| Application | Lot Size | Shares | Amount |
| Retail Minimum | 1 | 53 | ₹14,787 |
| Retail Maximum | 13 | 689 | ₹1,92,231 |
| S-HNI Minimum | 14 | 742 | ₹2,07,018 |
| B-HNI Minimum | 68 | 3,604 | ₹10,05,516 |
IPO Reservation
| Category | Allocation |
|---|---|
| Qualified Institutional Buyers (QIBs) | 75% of the net offer |
| Non-Institutional Investors (NIIs) | 15% of the net offer |
| Retail Individual Investors (RIIs) | 10% of the net offer |
About MOBIKWIK Company
MobiKwik, founded in 2009 by Bipin Preet Singh and Upasana Taku, has grown to become one of the largest mobile wallet providers in India. The company operates a two-sided payments network, connecting consumers and merchants through its digital platform. MobiKwik’s core offerings include:
Payment Gateway: Facilitating online payments for merchants and businesses.
Digital Payments: Mobile wallet, UPI, and other payment solutions for online and offline transactions.
Financial Services: Digital credit products like MobiKwik ZIP and ZIP EMI, as well as investment and insurance products.
Business Model and Core Products/Services
MobiKwik operates a two-sided payments network, connecting consumers and merchants through its digital platform. The company’s core offerings include:
- Digital Payments: Mobile wallet, UPI, and other payment solutions for online and offline transactions.
- Financial Services: Digital credit products like MobiKwik ZIP and ZIP EMI, as well as investment and insurance products.
- Payment Gateway: Facilitating online payments for merchants and businesses.
Industry Position and Competitive Advantages
MobiKwik has established itself as a significant player in India’s fintech landscape:
- 161.03 million registered users as of June 30, 2024
- 4.26 million merchants enabled for online and offline payments
- Ranked third in terms of registered wallet users with 135.41 million users in FY24
The company’s competitive advantages include:
- Strong brand recognition in the digital payments space
- Diversified product portfolio across payments and financial services
- Proprietary technology platform leveraging data analytics and machine learning
- Low customer acquisition costs due to its established user base
Management Team
- Bipin Preet Singh: Co-founder, Managing Director & CEO
- Upasana Taku: Co-founder, Executive Director & CFO
- Chandan Joshi: Co-founder & CEO – Consumer Payments
- Mohit Narain: COO – Consumer Payments
- Saurabh Dwivedi: SVP – Technology
Subsidiary Details
MobiKwik has the following subsidiaries:
- Zaak ePayment Services Private Limited
- MobiKwik Credit Private Limited
- MobiKwik Finance Private Limited
- MobiKwik Investment Adviser Private Limited (formerly Harvest Fintech Private Limited)
Financials
Statement of Assets and Liabilities
Assets and Liabilities Summary (₹ in crore)
| Particulars | 30 Sep 2023 | 31 Mar 2023 | 31 Mar 2022 | 31 Mar 2021 |
|---|---|---|---|---|
| Assets | ||||
| Total non-current assets | 149.09 | 163.60 | 176.74 | 69.58 |
| Total current assets | 538.25 | 550.73 | 659.39 | 353.56 |
| Total assets | 687.35 | 714.33 | 836.13 | 423.14 |
| Equity and Liabilities | ||||
| Total equity | 153.38 | 142.69 | 216.54 | -20.01 |
| Total non-current liabilities | 20.15 | 36.11 | 8.02 | 2.35 |
| Total current liabilities | 513.81 | 535.53 | 611.57 | 440.80 |
| Total liabilities | 533.96 | 571.64 | 619.59 | 443.15 |
| Total equity and liabilities | 687.35 | 714.33 | 836.13 | 423.14 |
Statement of Profit and Loss
Consolidated Statement of Profit and Loss (₹ in Crores)
| Particulars | 6M Ended Sep 30, 2023 | FY 2023 | FY 2022 | FY 2021 |
|---|---|---|---|---|
| Income | ||||
| Revenue from Operations | 381.09 | 539.47 | 526.57 | 288.57 |
| Other Income | 6.28 | 21.65 | 16.65 | 13.69 |
| Total Income | 387.37 | 561.12 | 543.22 | 302.26 |
| Expenses | ||||
| Payment Gateway Cost | 83.60 | 156.65 | 227.68 | 151.16 |
| Lending Operational Expenses | 102.69 | 68.50 | 17.61 | 6.70 |
| Financial Guarantee Expenses | 31.35 | 109.59 | 90.77 | 58.37 |
| Employee Benefits Expense | 51.66 | 98.22 | 107.25 | 53.03 |
| Other Expenses | 97.53 | 184.06 | 215.33 | 134.81 |
| Total Expenses | 366.83 | 617.03 | 658.63 | 404.07 |
| Finance Costs | 9.04 | 20.42 | 10.91 | 7.14 |
| Depreciation and Amortisation | 1.97 | 4.28 | 2.10 | 1.31 |
| Profit/(Loss) Before Tax | 9.53 | (80.63) | (128.42) | (110.26) |
| Tax Expense | ||||
| Current Tax | 0.05 | 0.07 | 0.22 | 0.29 |
| Deferred Tax | – | 3.12 | (0.47) | 0.75 |
| Total Tax Expense/(Credit) | 0.05 | 3.19 | (0.26) | 1.04 |
| Profit/(Loss) for the Year | 9.48 | (83.81) | (128.16) | (111.30) |
Statement of Cash Flows
Cash Flow Summary (₹ in crore)
| Particulars | 30 Sep 2023 (6 months) | 31 Mar 2023 | 31 Mar 2022 | 31 Mar 2021 |
|---|---|---|---|---|
| Profit/(Loss) before tax | 9.53 | -80.63 | -128.42 | -110.26 |
| Operating Profit before working capital changes | 46.96 | 55.51 | 12.25 | -46.27 |
| Net cash from/(used in) operating activities | -4.86 | 27.01 | -320.59 | -34.51 |
| Net cash from/(used in) investing activities | 35.99 | -0.68 | -84.77 | 10.49 |
| Net cash from/(used in) financing activities | -22.95 | 17.97 | 329.42 | 72.57 |
| Net increase/(decrease) in cash and cash equivalents | 8.19 | 44.30 | -75.94 | 48.56 |
| Cash and cash equivalents at period/year end | -21.17 | -29.35 | -73.66 | 2.29 |
Objects of the Issue
The net proceeds from the IPO will be utilized for:
- Funding growth in financial services business: ₹150 crore
- Expanding payment services: ₹135 crore
- Investment in data, machine learning, AI, product and technology: ₹107 crore
- Capital expenditure for payment devices business: ₹70 crore
- General corporate purposes
Strengths and Risk
Strengths:
- Large and growing user base
- Diversified product portfolio
- Strong technology infrastructure
- Experienced management team
Risk Factors
- Intense competition in the fintech sector
- Regulatory changes affecting digital payments and financial services
- Cybersecurity and data privacy risks
- Dependence on third-party service providers
- Historical losses and uncertain path to sustained profitability
| One Mobikwik Systems Limited Contact Details | Mobikwik IPO Registrar |
| One Mobikwik Systems Limited Unit 102, 1st Floor, Block-B, Pegasus One, Golf Course Road, Sector-53, Gurugram, 122 003 Phone: +91 1244903344 Email: ipo@mobikwik.com Website: https://www.mobikwik.com/ir | Link Intime India Private Ltd Phone: +91-22-4918 6270 Email: mobikwik.ipo@linkintime.co.in Website: https://linkintime.co.in/initial_offer/public-issues.html |
