Mobikwik shares list at 58% premium on BSE, NSE; follow IPO GMP trend

Mobikwik IPO listing today: Shares of One Mobikwik Systems made a stellar D-Street debut on Wednesday, December 18, 2024. Mobikwik shares listed at Rs 442.25 apiece on the BSE, reflecting a premium of 58.51 per cent over the IPO allotment price of Rs 279.  On the National Stock Exchange (NSE), Mobikwik shares listed at Rs 440, reflecting a slightly lower premium of 57.70 per cent per share against the issue price. Thus, with the listing, the investors who were allotted Mobikwik shares during the IPO rounds made a profit of around Rs 163.25 per share.

 

Mobikwik IPO listing aligns with grey market expectations. Ahead of listing on Wednesday, the unlisted shares of Mobikwik were quoted trading at Rs 439 apiece, indicating a grey market premium (GMP) of Rs 160 or 57.35 per cent over the issue price of Rs 279, revealed sources tracking grey market activities. 

Post listing, Shivani Nyati, head of wealth at Swastika Investmart, said the company's recent shift to profitability, coupled with the growing adoption of digital payments, boosted market confidence. However, she believes that sustaining this momentum would depend on its ability to maintain profitability and carve out a niche in the competitive fintech sector.  "Investors are recommended to book profits given the high listing gains, while those wanting to hold should set a stop loss at around Rs 400," Nyati added.

 

    Also read: IGI IPO Allotment  

Mobikwik IPO comprises an entirely fresh issue of 20,501,792 shares worth up to Rs 572 crore. The public offering was available at a price band of Rs 265-279 per share, with a lot size of 53 shares.

 

Mobikwik IPO received enthusiastic participation from investors, getting oversubscribed by a whopping 119.38 times by the end of the subscription window on Friday, December 13, 2024. Following that, the basis of allotment of Mobikwik IPO shares was finalized on Monday, December 16, 2024.

 

Mobikwik, in its Red Herring Prospectus (RHP), said that it will utilise the net proceeds from the IPO for funding growth in the financial services business, funding growth in the payment services business, investment in data, ML, AI, product, and technology. The company also intends to use the IPO proceeds for capital expenditure for the payment devices business as well as for general corporate purposes.

 

A fintech business, Mobikwik offers online payment services and prepaid digital wallets. The business offers a variety of payment services, allowing customers to pay their utility bills, including those for credit cards and cellphone recharges, and make purchases from retailers both online and offline.