MobiKwik Shares Extend Rally, Up 14%

19 Dec 2024 , 11:57 AM

One MobiKwik Systems‘ shares rose after reporting significant listing gains on Wednesday, MobiKwik Systems jumped 37% in two days, and it rose 14% in early trading today to a high of Rs 605 on the BSE.

In the meantime, the stock has already reported 117% returns from its upper price range of Rs 279. On Wednesday, MobiKwik’s shares made their market debut at a 58.5% premium.

The shares implied a 57.7% premium when they were listed at Rs 440 on the NSE and Rs 442.25 on the BSE.

With a total subscription of 119 times at closure, investors responded overwhelmingly to MobiKwik’s initial public offering (IPO).

The proceeds of the Rs 572 crore IPO, which is a new offering of up to 2.05 crore equity shares, would go towards expanding the infrastructure of payment devices, advancing AI and machine learning research, and improving banking and payment services.

As of June 2024, MobiKwik, which was founded in 2008, has over 161 million registered customers and 4.26 million merchants using its dual-sided payments platform. The business provides services related to financial products, credit, and digital payments.

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