Mobikwik Share Price Gains Over 1% Day After Listing
One MobiKwik Systems' share price rose over 14% during the day after listing at a premium following an initial public offering on Wednesday before giving up some of the gains. The stock had closed on the National Stock Exchange at Rs 528 apiece on Dec. 18, an 89.25% premium over the issue price of Rs 279.
The stock debuted on the National Stock Exchange at Rs 440 apiece, a premium of 57.71%. It listed on the BSE at Rs 442.25 per share, marking a premium of 58.51%. On the BSE, the share price closed at Rs 530.70 apiece, a premium of 90.22%.
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.
The remaining Rs 70.28 crore will be used towards capital expenditure for its payment devices business and general corporate purposes.
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, the company's flagship application, provides consumers access to various payment options and financial products in digital credit, investments, and insurance. It was founded by Bipin Preet Singh and Upasana Taku.
MobiKwik Share Price Â
One MobiKwik stock rose as much as 14.58% during the day to Rs 605 apiece on the NSE. It was trading 1.02% higher at Rs 533.40 apiece, compared to a 1.02% decline in the benchmark Nifty 50 on closing.
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.
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