NEW DELHI: Fintech firm One MobiKwik Systems made a blockbuster debut on the stock exchanges on Wednesday as its shares got listed at Rs 440 apiece on the National Stock Exchange, a significant premium of 57.71% against the issue price of Rs 279.
The stock hit the upper circuit and closed at Rs 528, a 20% increase from the listing price. Following the gain, the market cap of Mobikwik nearly doubled to Rs 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.
“This strong demand reflects investor confidence in MobiKwik’s growth potential within India’s expanding online payment market. The fintech sector is expected to grow significantly, which positions MobiKwik to capitalise on this upward trend. Overall, the successful listing indicates robust market interest and optimism regarding MobiKwik’s future in the fintech industry,” said analysts at Bajaj Broking.
Shares of Sai Life Sciences entered the NSE at Rs 650 per share, which is a premium of 18% to its public issue price of Rs 549. The stock ended the day 40% higher at Rs 765 and its market capitalisation stood at nearly 16,000 crore. The IPO was subscribed 10.27 times, showing decent investor interest despite concerns about its overvaluation and high offer for sale (OFS) proportion.
“While the company’s positive financial performance and rising profitability are encouraging, the limited direct benefits from the initial public offer proceeds may lead to cautious investor sentiment in the long term,” said Shivani Nyati, Head of Wealth at Swastika Investmart.
Shares of Vishal Mega Mart, a retail chain operator, opened at Rs 104 per share on the NSE, 33.33% higher than the issue price of Rs 78.
