The broader benchmark indices showed recovery today with Nifty and Sensex rising by 0.64% and 0.70%, at INR 78,540.17 and INR 23,753.45, respectively
The stock has already surpassed the price target assigned by the brokerage firm Dolat Capital at INR 500
The shares have given a 19.83% return since their listing on the BSE at INR 442.25
Shares of MobiKwik surged as much as 12.57% at INR 549.80 during the intraday trading session, driven by the recovery in broader market sentiment today (December 23).
However, the stock pared some gains to close the day 8.5% above at INR 529.95. As many as 28.55 Cr shares were traded today. The company’s market capitalisation also stood at INR 4,116.99 Cr for the day.
The stock witnessed volatility today with the price ranging between INR 477.30 and INR 549.80. However, the broader benchmark indices showed recovery today with Nifty and Sensex rising by 0.64% and 0.70%, at INR 78,540.17 and INR 23,753.45, respectively.
The shares have given a 19.83% return since their listing on the BSE at INR 442.25.
It made its stellar debut in Dalal Street at a 57.7% premium against the issue price of INR 279.
The stock has already surpassed the price target assigned by the brokerage firm Dolat Capital at INR 500. Dolat gave its optimistic coverage on MobiKwik with a ‘buy’ rating on December 18.
The brokerage firm for MobiKwik underlined, “Given favourable trends in India’s digital payments and financial services coupled with consistently improving operating performance, we expect MobiKwik to continue delivering robust Revenue/EBITDA/PAT CAGR of 45%/61%/64% over FY24-FY27E.”
Moreover, several other brokerage firms were bullish on its stock even before MobiKwik went public. For instance, Bajaj Broking, Nirmal Bang, Geojit Securities, KR Choksey, among others recommended investors to subscribe to the issue.
The company’s IPO consisted solely of a fresh issue of 1.18 Cr shares. Its investors like Peak XV Partners, Bajaj Finance, among others, did not offload any stake in the company.
It is pertinent to note that MobiKwik raised INR 572 Cr via its public listing to fuel its future growth. The proceeds from the IPO will be used to expand its financial services and payments services business, build its AI & ML tech stack and expand its footprint in the payments soundbox market.
On the financial front, MobiKwik posted a net loss of INR 6.6 Cr in the June quarter of the financial year 2024-25 (Q1 FY25) against a profit of INR 3 Cr in the year-ago period. Operating revenue stood at INR 342.2 Cr during the quarter under review.
