Shares of MobiKwik made a stunning start on Dalat Street today (Dec 18), with the stock listing at INR 442.25 on the BSE, a 58.5% premium over the IPO issue price of INR 279

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Founded in 2009 by Bipin Preet Singh and Upasana Taku, is a digital banking platform that provides a variety of financial solutions to customers and merchants

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On the NSE, MobiKwik shares were listed at INR 440 each, a 57.7% premium to the issue price

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The stock increased by nearly 88% during intraday trade to INR 524 per share on the BSE

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Investors responded enthusiastically to MobiKwik's IPO. The issue had a 119.38X oversubscription on the final day of bidding on December 13

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Overall, investors bid for 141.72 crore shares, versus 1.18 crore on offer

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At the time of writing, MobiKwik's market capitalization was INR 3,915.39 Cr (about $461 Mn)

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MobiKwik reported a net loss of INR 6.6 crore in Q1 FY25, compared to a profit of INR 3 Cr in Q1 FY24. The operating revenue for the quarter under review was INR 342.2 Cr

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It competes with Paytm, Freecharge, Simpl, PhonePe, and Google Pay in India's rising fintech market, which is expected to be worth $2.1 trillion by 2030

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MobiKwik has become the second fintech business to go public, following Paytm, which made its stock market debut in 2021

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