MobiKwik shares listed at INR 442.25 apiece on the BSE, a 58.5% premium against the IPO issue price of INR 279
MobiKwik’s IPO received bumper response from investors, who oversubscribed the issue by 119.38X
MobiKwik posted a net loss of INR 6.6 Cr on an operating revenue of INR 342.2 Cr in Q1 FY25
Shares of fintech major MobiKwik
made a stellar debut on Dalat Street today (December 18), with the stock listing at INR 442.25 on the BSE, a 58.5% premium against the IPO issue price of INR 279.
On the NSE, MobiKwik shares listed at INR 440 apiece, a 57.7% premium against the issue price.
With this, MobiKwik has become the second fintech company to go public after Paytm, which made its stock market debut in 2021.
The initial public offering (IPO) of MobiKwik saw robust demand from investors. The issue ended with an oversubscription of 119.38X on the final day of bidding on December 13.
Overall, investors bid for 141.72 Cr shares as against 1.18 Cr on offer.
It is to be noted that MobiKwik’s investors did not sell their shares in the share sale. MobiKwik’s IPO solely consisted of a fresh issue of equity shares up to INR 572 Cr.
Founded in 2009 by Bipin Preet Singh and Upasana Taku, MobiKwik is a digital banking platform that offers a suite of financial products for both consumers and merchants.
The fintech company generates revenue by providing consumer payments, buy now pay later (BNPL), and payment gateway services.
The startup has also launched a sound box product, Vibe, to take on Paytm and PhonePe. Notably, MobiKwik entered the unicorn club in October 2021.
The company competes against the likes of Paytm, Freecharge, and Simpl, PhonePe and Google Pay in India’s burgeoning fintech market, which is expected to reach a market size of $2.1 Tn by 2030.
MobiKwik posted a net loss of INR 6.6 Cr in the June quarter of the financial year 2024-25 (Q1 FY25) against a profit of INR 3 Cr in the year-ago period. Operating revenue stood at INR 342.2 Cr during the quarter under review.
