One MobiKwik Systems’ didn’t come out with an IPO last year due to adverse market conditions. Paytm’s disastrous IPO deterred MobiKwik from going ahead with the IPO plans.
MobiKwik had approval from India’s market regulator SEBI for its Rs 1,900-crore IPO that lapsed in November 2022.
The IPO comprised of a fresh issue of Rs 1,500 crore equity shares and an Offer-for-Sale (OFS) component of Rs 400 crore.
Now One Mobikwik Systems plans to re-file IPO papers with SEBI and get approval. This may take 6-8 months of time. Maybe by the end of 2023, we can see Mobikwik’s IPO hitting the market.
Scan List of expected IPOs in 2023.
Note – all the information in the article is in accordance with the Draft Red Herring Prospectus (DRHP) dated 12 July 2021 that Mobikwik filed with SEBI. The changes in the information contained in the article will be updated as soon as the company re-files documents for IPO.
The face value of One Mobikwik Systems equity share is Rs. 2 each.
As per the Draft Red Herring Prospectus (DRHP) filed with SEBI, the promoters of Mobikwik are
- Bipin Preet Singh
- Upasana Rupkrishan Taku
- Koshur Family Trust
- Narinder Singh Family Trust
The book-running lead managers of the public offering are ICICI Securities Limited, BNP Paribas, Credit Suisse, IIFL Securities Limited and Jefferies. And the registrar for the issue is Link Intime India Private Limited.
One Mobikwik Systems IPO Details
The company is yet to file revised documents with SEBI. The details will be updated as soon as the company re-files papers with SEBI.
| Particulars | Details |
| IPO Opening date | (Will update later) |
| IPO Closing date | (Will update later) |
| IPO Price | Rs. xx to Rs. xx (Will update later) |
| Lot size | xx shares (Will update later) |
| Issue size | Rs. 1900 Cr |
| No. of fresh shares | Xx shares aggregating to Rs. 1500 crores |
| Offer for Sale | XX shares aggregating to Rs. 400 crores |
| Listing on | BSE and NSE |
One Mobikwik Systems IPO Timetable
We will update as and when the company comes with IPO.
| Particulars | Details |
| IPO Opening date | (Will update later) |
| IPO Closing date | (Will update later) |
| Basis of Allotment date | (Will update later) |
| Credit of Share | (Will update later) |
| Listing date | (Will update later) |
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One Mobikwik Systems Company Overview
Mobikwik commenced operations in 2009 with the MobiKwik Wallet. The wallet allowed users to load money into a mobile wallet and use it to pay their utility bills in a single click.
Mobikwik is identified as a fintech company having one of the largest mobile wallets (MobiKwik Wallet) and a Buy Now Pay Later (“BNPL”) portfolio in India. The ranking is based on mobile wallet gross merchandise value (GMV) and BNPL GMV, respectively, for FY- 2021
One Mobikwik Systems operates in payments and financial services. The company leverages big data analytics and deep data science (including machine learning) to continuously delight users and merchants on the platform.
Over the years, the company’s mobile wallet use cases have expanded to include –
- E-commerce shopping,
- Food delivery
- Petrol pumps
- Large retail chains and
- Pharmacies.
Their large merchant network includes websites and mobile apps, where the MobiKwik Wallet is a payment option using a QR code payment at the point-of-sale (“POS”)/ cashier.
In May 2019, MobiKwik Zip was launched (BNPL product), with a focus on the Indian middle-class population to enable them to make payments for daily life use.
22.25 million users have been pre-approved for MobiKwik Zip as of March 31, 2021.
Overall MobiKwik had over 101.37 million registered users and more than 3.44 million e-commerce, physical retail, and biller partners as of March 31, 2021.
One Mobikwik Systems GMP
Grey Market Price (GMP) information is available approximately 4-5 days before the IPO opens and persists until the listing date.
For One Mobikwik Systems Ltd IPO, we have already obtained GMP data for the past 3 days, which should provide a reasonable indication of price upon listing.
GMP serves as an effective reflection of the true narrative surrounding a stock. But you need to take precautions because GMP is not an official price and only an indicative value.
Below is a brief summary of the GMP for One Mobikwik Systems Ltd for the last 4 days obtained from various sources on the internet.
| Date | GMP |
| 2023 | Rs. xx(Will update later) |
| 2023 | Rs. xx (Will update later) |
| 2023 | Rs. xx (Will update later) |
| 2023 | Rs. xx (Will update later) |
One Mobikwik Systems Subscription Data
The subscription data will be available when the Mobikwik IPO will open for subscription.
| Date | QIB | NII | Retail | Employee | Total |
| Day – 1 2023 | (TBD) | (TBD) | (TBD) | (TBD) | (TBD) |
| Day – 22023 | (TBD) | (TBD) | (TBD) | (TBD) | (TBD) |
| Day – 32023 | (TBD) | (TBD) | (TBD) | (TBD) | (TBD) |
More details on IPO investment can be found here.
One Mobikwik Systems Promoter Details
As per the Draft Red Herring Prospectus (DRHP) filed with SEBI, the promoters of Mobikwik are
- Bipin Preet Singh
- Upasana Rupkrishan Taku
- Koshur Family Trust
- Narinder Singh Family Trust
As per the Draft Red Herring Prospectus, MobiKwik promoters hold, in aggregate, 19,882,440 equity shares, which constitute 34.52% of the issued capital of the company.
One Mobikwik Systems Company Financials
Key financials of One Mobikwik Systems Ltd for the last 3 completed financial years is under. These include the fiscal years FY21, FY20 and FY19.
| Details | FY- 2021 | FY- 2020 | FY- 2019 |
| Revenue from operations | Rs. 288.5 cr | Rs. 355.6 cr | Rs. 148.4 cr |
| Total expenses | Rs. 404.07 cr | Rs. 454.5 cr | Rs. 302.09 cr |
| Net Loss | Rs. 111.3 cr | Rs. 99.9 cr | Rs. 147.9 cr |
| Networth | Rs. – 20.13 cr | Rs. – 30.8 cr | Rs. -1.57 cr |
| Return on net-worth | 556.1% | 323.8% | 9409.4% |
| Net Asset Value per equity share | -3.88 | -6.24 | -0.33 |
One Mobikwik Systems Peer Comparison
None of the listed companies in India are engaged in a portfolio of businesses that are similar to MobiKwik and hence there is no peer comparison.
One Mobikwik Systems Objects of the Issue
One Mobikwik Systems proposes to utilize the Net Proceeds from the Issue for –
#1. Funding Organic Growth Initiatives
MobiKwik intends to utilize at least 40% of the net proceeds towards funding organic growth initiatives. The key factors that contribute to our organic growth include –
- Customer and merchant acquisition and retention
- Investment in data sciences, products and technology
- Enhancement of user and merchant experience
- Cash Collateral to BNPL lending partner
- Regulatory capital
Their subsidiary, Zaak ePayment Services Private Limited, has applied for a payment aggregator license from the RBI.
The RBI has mandated a positive net worth of Rs. 25 crores to be maintained by March 31, 2023.
#2. Funding Inorganic Growth
MobiKwik seeks inorganic opportunities like acquisitions, that it believes will fit well with its strategic business objectives.
They acquired Clearfunds, an online mutual fund platform operated by Harvest Fintech Private Limited, in 2018 to offer wealth tech products.
Going ahead MobiKwik intends to deploy a certain portion of the net proceeds towards such acquisitions.
#3. General Corporate Purposes
Rest of the amount the company intends to use for “General corporate purposes”. This is subject to amounts not exceeding 25% of the net proceeds.
This means that Mobikwik intends to use 35% for inorganic growth, 40% for organic growth and 25% for general corporate purposes.
One Mobikwik Systems Tentative Issue size
Rs. 1900 crores. (Will be updated later)
One Mobikwik Systems Limited IPO Is Worth?
Overall MobiKwik had over 101.37 million Registered Users and more than 3.44 million e-commerce, physical retail, and biller partners as of March 31, 2021.
Their long-term growth strategy to scale our business consists of four pillars:
1. Making the MobiKwik Wallet ubiquitous in India by acquiring and retaining users and merchants
2. Strengthening its platform by investing in data, products and technology;
3. Increase the usage of BNPL in India leveraging machine learning and lending partners, and
4. Deliver delightful user and merchant experiences.
But on the flip side, MobiKwik continues to have losses and negative net worth for the past three years.
