DBT Bureau
Bengaluru, 12 December 2024
The Initial Public Offering (IPO) of digital payments firm, Mobikwik was fully subscribed on the first day of its opening driven by strong investors’ interest.
Especially, retail investors saw a strong appetite for the company’s shares. The retail portion was booked nearly 26 times of their allocation. The total issue was subscribed 7.31 times on the first day of its opening.
Earlier, MobiKwik was able to garner sound interest from institutional investors. It raised Rs 257.4 crore from anchor investors ahead of its IPO. Among anchor investors, 10 domestic funds participated with a purchase of Rs 137.4 crore worth of shares.
Notably, Gurugram-based MobiKwik significantly reduced its IPO valuation to $250 million, which was a step down from its $1 billion valuation from 2021. For the IPO, the digital payments firm has set a price band of Rs 265 to Rs 279 per share.
This was the second attempt by the fintech to launch an IPO after it scrapped such an attempt in 2021.
Quick Commerce all the way:
After tasting success in the daily essential segment, Quick commerce platform Zepto is all set to launch a standalone app for food delivery platform. Importantly, the quick commerce company will replicate its grocery model to deliver food in 10 minutes.
“We’re launching a separate app for Zepto Cafe next week! The team is shipping an MVP and iterating quickly, so it may not be perfect on Day 1, but it’s worth it to launch fast,” said CEO of Zepto, Aadit Palicha in a social media post. Zepto Cafe is scaling rapidly launching more than 100 cafes a month and already clocking more than 30,000 orders per day, he added.
Notably, Swiggy has already introduced a 10-minute food delivery service, Bolt, in Bengaluru, Hyderabad, Mumbai and Delhi.
