MobiKwik, Vishal Mega and Sai Life make strong D-Street debuts
One MobiKwik Systems, Vishal Mega Mart and Sai Life Sciences made strong stock market debuts on Wednesday, even as the secondary market remained weaker during the day. All three companies listed at premiums of 18-58% and ended higher on Wednesday. The Sensex and Nifty fell nearly 0.6% each on Wednesday after sinking almost 1.3% the previous day.
Digital banking platform One MobiKwik Systems listed at Rs 440, about a 57.7% premium to its IPO (initial public offering) price of Rs 279 per share. The stock advanced 20% further to close at the day's highest tradable limit of Rs 528.
The Rs 572-crore offer was entirely a fresh issue and was subscribed 119.4 times on the final day of bidding. The company's market capitalization on Wednesday stood at Rs 4,101.8 crore at close.
«Investors with high-risk tolerance can invest in the company for a medium- to long-term,» said Vishnu Kant Upadhyay, assistant vice president of research and advisory at Master Capital Services. «With a revenue growth rate of above 25% over the past years and significant wallet GMV (gross merchandise value), the company exhibits strong potential for expansion.»
