MobiKwik shares fell 9.81% to INR 488.40 in their third trading session since listing
Stock’s market capitalisation declined to INR 3,794.20 Cr, though share price remains 75% above IPO price
The fintech company’s stock is still trading above its listing price of INR 442.25 despite the decline
Shares of fintech major MobiKwik
tumbled nearly 10% during their third trading session to INR 488.40 apiece on the BSE.
Amid a decline in the stock price, the market capitalisation of MobiKwik fell to INR 3,794.20 Cr (around $446.3 Mn).
It is pertinent to note that the company made its debut on Dalal Street on December 18with the stock listing at INR 442.25 on the BSE, a 58.5% premium against the IPO price.
On the NSE, MobiKwik shares listed at INR 440 apiece, a 57.7% premium against the issue price.
At INR 488.40, the stock’s last closing price was still 10.4% higher than its listing price and 75% above the IPO issue price of INR 279.
MobiKwik’s initial public offering (IPO) closed with an oversubscription of 119.38 times, making it one of the most heavily-bid issues by any new-age tech company
The public issue solely comprised of fresh issue of equity shares of up to INR 572 Cr
Founded by Bipin Preet Singh and Upasana Taku in 2009, MobiKwik operates as a digital banking platform offering consumer payments, BNPL, and payment gateway services.
Brokerage firm Dolat Capital has initiated coverage on MobiKwik with a ‘buy’ rating. The brokerage has set a price target of INR 500, which implies an upside potential of 2.37% from the stock’s last close.
MobiKwik reported a net loss of INR 6.6 crore in the June quarter of the financial year 2024-25 (Q1 FY25) against a profit of INR 3 crore in the year-ago period. Operating revenue stood at INR 342.2 crore during the quarter review.
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