Shares of fintech company One Mobikwik Systems Ltd made a strong debut on Wednesday, listing with a significant premium of over 58 per cent compared to the issue price of Rs 279. The stock opened at Rs 442.25 on the BSE, marking an initial rise of 58.51 per cent. It further surged by 87.81 per cent, reaching a peak of Rs 524 during the trading session.
At the NSE, shares of the firm listed at Rs 440, surging 57.70 per cent. The company’s market valuation stood at Rs 3,435.68 crore. The initial public offer of One MobiKwik Systems Ltd received a staggering 119.38 times subscription on Friday, amid an overwhelming participation from investors.
The Rs 572-crore initial share sale had a price band of Rs 265-279 per share. The public issue had a fresh issuance of equity shares worth up to Rs 572 crore with no Offer-for-Sale (OFS) component. This was the second attempt by the Gurugram-based firm for the public issue following its first attempt in July 2021.
Founded by Bipin Preet Singh and Upasana Taku, MobiKwik — the company’s flagship application — provides consumers access to various payment options and financial products in digital credit, investments and insurance.
(With inputs from PTI)
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