MobiKwik Shares Jump Ahead of Earnings Debut

7 Jan 2025 , 09:44 AM

Following its IPO on December 18, 2024, One MobiKwik Systems’ shares jumped 3.5% to an intraday high of Rs 577.95 on the BSE before of the company’s first quarterly earnings report, which is scheduled to be released today.

In FY24, the company reported consolidated revenue of Rs 875 crore, a 62% increase over FY15. Its losses of Rs 84 crore in FY23 were offset by a net profit of Rs 14 crore in FY24.

The BSE listed Mobikwik stock at 442.25, a 58.5% premium over its issue price of Rs 279. The stock ended the day at Rs 558.10, down 6.94%, or Rs 41.60, from its closing price on Friday.

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.

As of May 2024, the business is the biggest wallet player in India, with a 23.11% market share in the PPI wallet segment by gross transaction value.

Optimism about the fintech company’s profitability and the burgeoning digital payments sector drove 119 subscriptions to its IPO, which was valued at Rs 572 crore. The money received will be used to improve the infrastructure of payment devices, advance AI and machine learning, and scale financial and payment services.

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