Shares of the company opened at Rs 442.25 on the BSE, a premium of 58.6% over its initial public offering (IPO) price of Rs 279.
On the NSE, shares opened at Rs 440, or 57.7% higher compared with the issue price.
As of 10.05 AM, the shares were trading at Rs 511 apiece on BSE, which is 83% over its issue price. On the NSE, the shares are trading at Rs 503.6 an increase of 80.5%.
The current market capitalisation of the firm stands at Rs 3,873.05 crore in the BSE.
The Gurugram-based company raised Rs 572 crore through the public issue, which is its second attempt to list the company in the Indian bourses.
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While it had first decided to raise Rs 700 crore in its January prospectus filed with the markets regulator, it eventually reduced the size of the issue to Rs 572 crore.The IPO, which closed on December 13 sailed through on the first day of the bidding process. The IPO has witnessed a total subscription of nearly 120 times.
Retail investors bid for 134 times the portion reserved for them, while the demand from non-institutional investors is 108 times and that from institutional investors is 119.5 times, BSE data showed.
Prior to the public issue, Mobikwik raised Rs 257.4 crore from anchor investors. This anchor placement round saw 21 investors, including 10 domestic funds which accounted for Rs 137.4 crore of the total amount raised.
Mobikwik’s institutional shareholders include Peak XV Partners, Abu Dhabi Investment Authority (ADIA) and American Express. None of its investors are selling their shares through the IPO.
In its third attempt to go public, Mobikwik has not only reduced the size of the IPO, it took a massive cut in its valuation as well. In 2021, Mobikwik was valued at $921 million in the private market, while it is now around $250 million.
In FY24, the company reported an operating revenue of Rs 875 crore, up 62% on year.
