One MobiKwik Share Price Closes At 90% Premium Over Issue Price

Shares of One MobiKwik Systems Ltd. closed on the National Stock Exchange on Thursday at Rs 528 apiece, an 89.25% premium over the issue price of Rs 279. On the BSE, the share price closed at Rs 530.70 apiece, a premium of 90.22%.

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%.

Looking ahead, MobiKwik's focus remains on building a business that can thrive for the next five, 10, or even 20 years, said Bipin Preet Singh, managing director and chief executive officer of MobiKwik. "Over the last three years, we tripled our revenue from Rs 300 crore to Rs 890 crore and, more importantly, became profitable," he said.

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 Systems Business

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 wants to get a 10% market share in the entire UPI ecosystem, according to co-founder Singh.

The fintech posted a profit of Rs 14.1 crore in the last financial year, as compared to a loss of Rs 83.8 crore in fiscal 2023. It posted a revenue from operations of Rs 875 crore in FY24 versus Rs 540 crore in fiscal 2023. The improved performance came with a better Ebitda profit of Rs 37.2 crore, compared to an Ebitda loss of Rs 55.9 crore.