MobiKwik shares double from their IPO price within two days of listing

Shares of One MobiKwik Systems Ltd., parent company of payment solutions provider MobiKwik surged another 12% on Thursday, December 19, in an otherwise weak market. The stock had ended its trading debut with gains of 90%.

With this move, the stock has now doubled from its IPO price of ₹279, within two days of listing.

MobiKwik made a strong start to its journey as a public company, listing at a premium of 58% to its issue price on Wednesday. The stock built on to those gains through the course of the day, eventually ending 90% higher than its issue price.

That move made MobiKwik the sixth best listing of 2024, following Vibhor Steel Tubes, BLS E-Services, Bajaj Housing Finance, KRN Heat Exchanger and Unicommerce e-Solutions.

MobiKwik’s ₹572 crore IPO saw strong subscription across investor categories, with all of the categories bidding in excess of 100 times the shares on offer for them. The three-day IPO saw an overall subscription of nearly 120 times, receiving bids for nearly ₹40,000 crore, compared to the IPO size.

The entire MobiKwik IPO was  a fresh issue of shares, which means all the proceeds went to the company.

Shares of MobiKwik are up 12% after Wednesday’s 90% move at ₹592.7. The stock now has a market capitalisation of ₹4,500 crore.