Mobikwik, operated by One Mobikwik Systems, made an impressive entry into the stock market on Wednesday, December 18, 2024. The company’s shares were listed at ₹442.25 on the Bombay Stock Exchange (BSE), a 58.51% premium over its IPO allotment price of ₹279. On the NSE (National Stock Exchange), the shares debuted at ₹440, reflecting a premium of 57.7%.
The IPO, consisting entirely of a fresh issue of 20,501,792 shares worth ₹572 crore, was offered at a price band of ₹265-₹279 per share. With a lot size of 53 shares, the public offering received an extraordinary response, being oversubscribed by 119.38 times. The allotment of shares was finalised on Monday, December 16, 2024.
Mobikwik plans to use the funds raised to expand its financial and payment services and invest in data, machine learning, AI, product innovation, and technology development. The company also aims to enhance its payment device business and cover general corporate expenses.
A prominent fintech player, Mobikwik offers digital payment services and prepaid wallets. Its platform allows users to pay utility bills, recharge mobile phones, settle credit card dues, and make online and offline purchases from retailers.
Mobikwik share price is trading at ₹440.00, reflecting a 57.71% increase, as of December 18, 2024, 09:56 AM
Disclaimer: This blog has been written exclusively for educational purposes. The securities mentioned are only examples and not recommendations. It is based on several secondary sources on the internet and is subject to changes. Please consult an expert before making related decisions.
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