The grey market premium of Mobikwik IPO surged by 17.57 percentage points in less than a week. The company’s shares were trading at a premium of Rs 149 to the issue price, or 53.41%, in the grey market. On December 06, the stock of Mobikwik was selling at a premium of a bit less than 36% in the grey market.
The current GMP indicates that the company’s stock might list at Rs 428 on the bourses, NSE and BSE. The grey market is an unofficial place to trade shares ahead of listing.
The issue was opened on December 11. It has been subscribed to a total of 11.48 times as of 1200 IST on December 12. The retail participant dominated the issue subscription by booking it 40.83 times while the NII category was booked 14.81 times. The issue was fully subscribed on the first day itself, 7.8 times. On December 11, the retailers booked it 28.59 times and NIIs 9.48 times.
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“At the upper price band of Rs 279, Mobikwik is available at market cap/sales of 2.5x (on FY24 financials), which appears to be reasonably priced. We assign a “Subscribe” rating for the issue on a long-term basis, considering its strong brand recall, diversified offerings, rapid scaling, consistent innovation, customer stickiness and promising industry outlook,” said Geojit Financial Services in an IPO note.
Also ReadCatch all the live updates on Mobiwik on our live blog
Mobikwik IPO details
The issue of Mobikwik is purely a sale of 2.05 crore fresh shares. The IPO will close on December 13. The company aims to raise Rs 572 crore. The allotment of shares is expected to be finalised on December 16. The company is likely to hit the D-Street on December 18. Its price band ranges between Rs 265 to Rs 279 per equity share. SBI Capital Markets and Dam Capital Advisors (earlier IDFC Securities) are the book-running lead managers,
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