The company had posted a consolidated revenue of Rs 875 crore in FY24, marking a 62% growth over the previous year. Its net profit of Rs 14 crore in FY24, reversed from losses of Rs 84 crore in FY23.
Mobikwik stock was listed at 442.25 on the BSE which was a 58.5% premium over its issue price of Rs 279. The stock settled at Rs 558.10, down by Rs 41.60 or 6.94% over the Friday closing price.
Founded in 2008, MobiKwik operates a dual-sided payments platform catering to over 161 million registered users and 4.26 million merchants as of June 2024. The company offers services spanning digital payments, credit, and investment products.
The company holds a 23.11% market share in the PPI wallet segment by gross transaction value as of May 2024, positioning it as India’s largest wallet player.
The fintech company’s IPO, valued at Rs 572 crore, was highly subscribed 119 times, driven by optimism surrounding its profitability and the booming digital payments sector. The funds raised are earmarked for scaling financial and payment services, advancing AI and machine learning, and enhancing payment device infrastructure.The company’s recent shift to profitability, coupled with the growing adoption of digital payments, boosted market confidence, Shivani Nyati, Head of Wealth at Swastika Investmart said, adding that “however, sustaining this momentum would depend on its ability to maintain profitability and carve out a niche in the competitive fintech sector. Investors are recommended to book profits given the high listing gains, while those wanting to hold should set a stop loss at around Rs 400.”Leading NBFC Bajaj Finance, wealth fund Abu Dhabi Investment Authority (ADIA) and American Express hold stakes of 10.27%, 2.14% and 1.34%, respectively in the company.
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