MobiKwik IPO booked 7x on Day 1; Vishal Mega Mart, Sai Life Sciences off to muted start

The initial public offering (IPO) of fintech unicorn MobiKwik stared on a strong note, with the issue fully subscribing within an hour. The ₹572 crore IPO of the digital payment solutions company was booked nearly 7 times by 4:30 PM amid an overwhelming response from retail investors. The portion reserved for retail investors was subscribed over 26 times, followed by 7.5 times in non-institutional investor category. The portion set aside for qualified institutional buyers started on subdued note, with the quota reserved for them receiving 0.01 times bidding.

Meanwhile, the IPOs of Vishal Mega Mart and Sai Life Sciences started on slow note, with their issues receiving 0.46 times and 0.83 times, respectively, bidding on the first day.  

The ₹8,000-crore IPO of Vishal Mega Mart was subscribed 0.52 times in the retail category, 0.01 times in QIB, and 0.93 times in the NII category by 4:30 PM.

On the other hand, the ₹3,042.62-crore IPO of Sai Life Sciences was booked 0.17 times in the retail category, 0.13 times in QIB, and 2.52 times in the NII category.

Ahead of opening of the issue, all these IPOs created buzz in the grey market, with their shares trading at premium over price bands. Shares of Mobikwik were commanding a GMP of ₹136, indicating listing price to be around ₹415, up 48.75% over the issue price.

The shares of Vishal Mega Mart shares were commanding a grey market premium (GMP) of ₹19 in the unlisted market, signaling listing price to be around ₹97, up 24.36% over the IPO price. Sai Life Sciences shares were also trading at a premium of ₹31 in the grey market, signaling estimated listing price at ₹580, up 5.65%.

On Tuesday, these companies garnered a total of ₹3,570 crore from several global and domestic institutional investors via anchor book. Kedaara Capital-backed supermarket retain chain operator Vishal Mega Mart has raised ₹2,400 crore from anchor investors by allocating 30.76 crore equity shares at ₹78 per share.Sai Life Sciences, backed by the global private equity major TPG Capital, raised ₹912.78 crore via anchor book. The company has allocated 1.66 crore equity shares to anchor investors at a price of ₹549 per share. One Mobikwik Systems raised nearly ₹257 crore from anchor investors by allocating 92.26 lakh equity shares to 21 funds at ₹279 apiece.

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