Mobilise App Lab IPO Oversubscribed; Shares List Below Issue Price on NSE SME

Mobilise App Lab, an Indian SaaS IT solutions provider, launched its IPO with a fresh issue of 25.12 lakh shares priced at Rs 80 each. The IPO was heavily oversubscribed, with reports ranging from 20 to 100 times subscription. Despite a grey market premium suggesting a listing near Rs 84, the stock debuted on the NSE SME platform at a discount, listing around Rs 64.10 and trading between Rs 61.25 and Rs 67.30. The company plans to use IPO proceeds for product development, marketing, infrastructure, and general purposes.