Thu Dec 19 13:23:36 UTC 2024: ## MobiKwik Stock Soars on Debut, Then Cools

**Mumbai, Dec 19** – MobiKwik Systems, the digital payments and financial services company, saw its shares surge on its initial public offering (IPO) debut Wednesday, before settling with strong gains. The stock opened significantly above its issue price on both the National Stock Exchange (NSE) and the Bombay Stock Exchange (BSE), reaching an intraday high of Rs 605 – a 14.58% increase.

The IPO, which closed on December 13th, was oversubscribed 119.38 times, driven largely by qualified institutional buyers. The company raised Rs 572 crore (approximately $70 million USD) through a fresh issue of shares.

While the stock experienced some profit-taking later in the day, it still closed with substantial gains. On the NSE, MobiKwik closed at Rs 528, a premium of 89.25% over its issue price of Rs 279. The BSE closing price was Rs 530.70, representing a 90.22% premium.

The company, founded by Bipin Preet Singh and Upasana Taku, plans to allocate the IPO proceeds towards expanding its financial services offerings (Rs 150 crore), bolstering payment services (Rs 135 crore), and investing in research and development, particularly in AI and machine learning (Rs 107 crore). Additional funds will be used for capital expenditure in its payment devices business and general corporate purposes. MobiKwik’s flagship app provides users access to a range of payment options and financial products.

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