Shares of MobiKwik rallied nearly 15% to hit a fresh all-time high of INR 698.30 apiece on the BSE after a block deal worth INR 118 Cr was executed on the exchanges
About 18.6 Lakh shares of MobiKwik, comprising a 2.4% equity in the company, changed hands on the counter at an average selling price of INR 635 per share
With the stock getting a shot in the arm, MobiKwik’s market capitalisation zoomed to INR 5,189.45 Cr (around $608.6 Mn)
Shares of fintech major MobiKwik
rallied nearly 15% to hit a fresh all-time high of INR 698.30 apiece on the BSE today (December 26) after a block deal worth INR 118 Cr was executed on the exchanges.
About 18.6 Lakh shares of MobiKwik, comprising a 2.4% equity in the company, changed hands on the counter at an average selling price of INR 635 per share, CNBC-TV18 reported.
However, the identity of the buyers and sellers that participated in the transaction remains unknown.
MobiKwik made a stellar market debut earlier this month, with its shares listing at 442.25 apiece on the BSE, a 58.5% premium over the IPO issue price of INR 279.
At 2:06 PM, the stock was quoting at INR 668, a 51% premium over its listing price.
With the stock getting a shot in the arm, MobiKwik’s market capitalisation zoomed to INR 5,189.45 Cr (around $608.6 Mn).
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. Notably, MobiKwik entered the unicorn club in October 2021.
The fintech company generates revenue by providing consumer payments, buy now pay later (BNPL), and payment gateway services.
The company competes against the likes of Paytm, Freecharge, Simpl, PhonePe, and Google Pay in India’s fast-growing fintech market, which is slated to become a $2.1 Tn opportunity by 2030.
MobiKwik’s initial public offering (IPO) received an overwhelming response from investors, with the issue getting oversubscribed nearly 120 times on the final day of bidding.
Earlier this month, brokerage firm Dolat Capital initiated coverage on MobiKwik with a ‘buy’ rating and a price target of INR 500.
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.
