However, the stock pared some gains, closing the day 14.94% higher at INR 609.15
Out of the total five trading sessions since its debut, the stock has closed positively on four occasions
Contrary to the stock’s rally, the broader benchmark indices saw a marginal slump today with Nifty and Sensex dipping by 0.11% and 0.08%
Shares of MobiKwik
surged as much as 18.87% to record its all-time high mark of INR 630.00 during the intraday trading session, despite the broader market ending in red today (December 24). This also marks a fresh 52-week high for the stock.
However, the stock pared some gains, closing the day 14.94% higher at INR 609.15.
A total of 6.3 Cr shares were traded during the day, with the company’s market capitalisation standing at INR 4,732.26 Cr.
The stock opened today’s trading 3.78% higher at INR 550.00 and hovered in the price range of INR 532.80 and INR 630.00.
Contrary to the stock’s rally, the broader benchmark indices saw a marginal slump today with Nifty and Sensex dipping by 0.11% and 0.08%, closing at INR 23,727.65 and INR 78,472.87, respectively.
Not to mention, the last three trading sessions of MobiKwik have ended in the green. Out of the total five trading sessions since its debut, the stock has closed positively on four occasions.
Since its listing on the BSE at INR 442.25, MobiKwik shares have delivered a 37.73% return. The company made a stellar debut on Dalal Street, listing at a 57.7% premium over its issue price of INR 279.
It is pertinent to note that the stock has already surpassed the price target of INR 500 set by brokerage firm Dolat Capital, which issued an optimistic ‘buy’ rating on December 18.
Other brokerage firms were also bullish on MobiKwik even before its public listing. Bajaj Broking, Nirmal Bang, Geojit Securities, and KR Choksey, among others, recommended subscribing to the IPO.
MobiKwik’s IPO comprised a fresh issue of 1.18 Cr shares, with existing investors such as Peak XV Partners and Bajaj Finance choosing not to offload their stakes.
The public listing raised INR 572 Cr, which the company plans to use for expanding its financial services and payment solutions, building its AI and ML technology stack, and increasing its footprint in the payments soundbox market.
On the financial front, MobiKwik reported a net loss of INR 6.6 Cr in Q1 FY25, compared to a profit of INR 3 Cr in the same period last year. The company’s operating revenue for the quarter stood at INR 342.2 Cr.
