MobiKwik shares skyrocket 14%, rally extends to second day


Shares of One MobiKwik Systems skyrocketed 14% in early trading today to a high of Rs 605 on the BSE, having surged 37% in two days after posting strong listing gains on Wednesday.

Meanwhile, from its upper price band of Rs 279, the stock has already posted returns of 117%. The shares of MobiKwik debuted on the exchanges with a premium of 58.5% on Wednesday.

The shares were listed at Rs 442.25 on BSE and Rs 440 on NSE, implying a premium of 57.7%.

The IPO of MobiKwik received a massive response from investors, with an overall subscription of 119 times at close.

The Rs 572 crore IPO is a fresh issue of up to 2.05 crore equity shares, and the proceeds will be used for growth in financial and payment services, research and development in AI and machine learning, and expansion of payment device infrastructure.


Also read: Swiggy shares jump nearly 2% as JP Morgan initiates coverage, sets Rs 730 target

Discover the stories of your interest

The company’s recent shift to profitability, coupled with the growing adoption of digital payments, boosted market confidence, said Shivani Nyati, Head of Wealth at Swastika Investmart. She added, “However, sustaining this momentum would depend on its ability to maintain profitability and carve out a niche in the competitive fintech sector. Investors are recommended to book profits given the high listing gains, while those wanting to hold should set a stop loss at around Rs 400.”

Founded in 2008, MobiKwik operates a dual-sided payments platform catering to over 161 million registered users and 4.26 million merchants as of June 2024. The company offers services spanning digital payments, credit, and investment products.

It holds a 23.11% market share in the PPI wallet segment by gross transaction value as of May 2024, positioning it as India’s largest wallet player.

Leading NBFC Bajaj Finance, wealth fund Abu Dhabi Investment Authority (ADIA), and American Express hold stakes of 13.44%, 2.8%, and 1.76%, respectively, in the company.

(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)



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