One MobiKwik Systems Foreign Investor Offloads Stake Worth Rs 82 Crore
Peak XV Partners sold 12.01 lakh shares of One MobiKwik Systems at Rs 679.38 per share, reducing its stake from 3.67% to 2.81%, as the company continues its post-IPO growth trajectory.
Peak XV Partners Investment Holdings III, One Mobikwik Systems foreign venture capital investor, on Thursdays offloaded a stake worth Rs 81.63 crore through open market transactions. One Mobikwik Systems was recently listed on the benchmark index.
Peak XV Partners Investment, formerly known as Sequoia Capital India and SEA, sold a 1.54% stake in the company, according to NSE bulk deal. The investor offloaded 12.01 lakh shares at Rs 679.38 per share.
According to BSE data, Peak XV Partners Investment Holdings III held a 2.81% stake in the company as of Dec. 16. However, according to the company's Red Herring Documents, Peak XV Partners Investment Holdings III held a 3.67% stake as of Dec. 6.
The stock debuted on the National Stock Exchange at Rs 440 apiece, at a premium of 57.71%. It listed on the BSE at Rs 442.25 per share, marking a premium of 58.51%.
One MobiKwik Systems IPO
One MobiKwik Systems' IPO, which closed on Dec. 13, was subscribed 119.38 times, with demand led by qualified institutional buyers. The IPO comprised only a fresh issue of shares worth Rs 572 crore.
MobiKwik plans to utilise the IPO proceeds for various purposes, including Rs 150 crore for funding organic growth in financial services, Rs 135 crore in payment services, and Rs 107 crore for research and development investment in data, machine learning, artificial intelligence, and product and technology.
The remaining Rs 70.28 crore will be used towards capital expenditure for its payment devices business and general corporate purposes.
One MobiKwik Shares Rise Nearly 15%
One MobiKwik System's stock rose as much as 14.68% during the day to Rs 698.30 apiece on the NSE. The stock closed 4.89% higher at Rs 82.04 per share. This compares with a 0.10% advance in the benchmark Nifty 50. It has risen 20.96% since its listing.
Out of 10 analysts tracking the company, five maintain a 'buy' rating, one recommends a 'hold,' and four suggest 'sell,' according to Bloomberg data. The average 12-month consensus price target implies an upside of 17%.
