The stock hit the upper circuit and closed at ₹528, a 20% increase from the listing price. Following the gain, the market cap of MobiKwik nearly doubled to ₹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 story is from the December 19, 2024 edition of The New Indian Express.
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This story is from the December 19, 2024 edition of The New Indian Express.
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