Mobikwik Makes Strong Market Debut at ₹442

18 Dec 2024 , 11:01 AM

Mobikwik shares made an impressive debut at the market on December 18, 2024, which were listed at ₹442.25 at the BSE, that is to say, a premium of 58.51% over the IPO price of ₹279. On the National Stock Exchange, the shares are listed at ₹440 and reflect 57.70% premiums over the issue price.

The IPO consisted of an entirely fresh issue of 20,501,792 equity shares of the company with a price band of ₹265-279 per share, with a lot size of 53 shares and thus raising ₹572 crore.

The IPO was fully subscribed with significant participation of investors as was oversubscribed by a huge 119.38 times. The participation rate included those of Retail, Qualified Institutional Buyers, Non-Institutional Investors. Shares allocated were finalised on December 16, 2024, that were finalised at the close date of December 13, 2024, whereby the end date for issue subscriptions ended.

Mobikwik intends to use the IPO proceeds to scale up its financial services and payment business, invest in technologies such as AI and ML, and fund capital expenditure for its payment devices. The fintech company provides versatile payment solutions including online payment services, digital wallets, and utility bill payments catering to both online and offline retailers.