MobiKwik Shares Double IPO Price in Just Two Days After Listing

MobiKwik, a leading payment solutions provider, made an impressive entry into the public markets, securing the title of the sixth best IPO listing of 2024. The stock debuted with a remarkable 58% premium to its issue price of ₹279 on Wednesday and concluded its trading debut with a 90% surge.

Market Performance

The strong momentum continued on Thursday, December 19, as shares of One MobiKwik Systems Ltd. surged an additional 12%, even as the broader market displayed weakness. With this rally, the stock price doubled from its IPO price, reaching ₹592.7, within just two days of listing.

Comparison with Other Top Performers

The stellar performance of MobiKwik places it among the top IPOs of 2024, following Vibhor Steel Tubes, BLS E-Services, Bajaj Housing Finance, KRN Heat Exchanger, and Unicommerce e-Solutions. Its significant gains highlight the strong investor confidence and market potential of the company.

Record-Setting IPO Subscription

MobiKwik’s ₹572 crore IPO garnered overwhelming interest from investors, with the offering being subscribed nearly 120 times. The three-day subscription period saw bids totaling approximately ₹40,000 crore, reflecting robust demand across all investor categories. Each category recorded bids exceeding 100 times the available shares, signaling strong market enthusiasm.

Use of IPO Proceeds

The MobiKwik IPO was structured as a fresh issue of shares, ensuring that all proceeds, amounting to ₹572 crore, went directly to the company. This move is expected to support MobiKwik's growth plans, further strengthening its market position.

Market Capitalization and Future Outlook

With shares trading at ₹592.7 after Thursday’s 12% gain, MobiKwik’s market capitalization now stands at an impressive ₹4,500 crore. This valuation underscores the company’s rapid ascent in the payment solutions sector and its potential for sustained growth.

A Promising Journey Ahead

MobiKwik’s listing performance highlights a promising start to its journey as a public company. Its ability to attract strong investor interest and deliver substantial returns to shareholders sets a positive tone for its future in the competitive fintech space.

Conclusion

MobiKwik’s remarkable debut on the stock market underscores its strong position in the fintech industry and investor confidence in its growth potential. Doubling its IPO price within two days of listing and achieving a market capitalization of ₹4,500 crore is a testament to its successful strategy and market appeal.

With overwhelming IPO subscription rates and a promising start, MobiKwik has firmly established itself among the top IPO performers of 2024, alongside industry leaders. This success paves the way for the company to capitalize on its fresh funding, expand its offerings, and continue driving innovation in the competitive payment solutions sector. MobiKwik’s future looks bright as it builds on this momentum to achieve long-term growth and success.