MobiKwik shares skyrocket 14%, rally extends to second day
One MobiKwik Systems skyrocketed 14% in early trading today to a high of Rs 605 on the BSE, having surged 37% in two days after posting strong listing gains on Wednesday.
Meanwhile, from its upper price band of Rs 279, the stock has already posted returns of 117%. The shares of MobiKwik debuted on the exchanges with a premium of 58.5% on Wednesday.
The shares were listed at Rs 442.25 on BSE and Rs 440 on NSE, implying a premium of 57.7%.
The IPO of MobiKwik received a massive response from investors, with an overall subscription of 119 times at close.
The Rs 572 crore IPO is a fresh issue of up to 2.05 crore equity shares, and the proceeds will be used for growth in financial and payment services, research and development in AI and machine learning, and expansion of payment device infrastructure.
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