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Mobikwik, Vishal Mega Mart, Sai Life Sciences make blockbuster market debut
The New Indian Express Bengaluru
|December 19, 2024
FINTECH firm One MobiKwik Systems made a blockbuster debut on the stock exchanges on Wednesday as its shares got listed at ₹440 apiece on the National Stock Exchange, a significant premium of 57.71% against the issue price of ₹279.
The stock hit the upper circuit and closed at ₹528, a 20% increase from the listing price. Following the gain, the market cap of MobiKwik nearly doubled to ₹4,101 crore when compared to the valuation pegged at the upper end of the issue price.
The gain made by MobiKwik is on expected lines given the public issue was oversubscribed, with bids totalling approximately $4.7 billion, about 120 times the shares offered. Its unlisted shares were also commanding a premium in the grey market.
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