MobiKwik Shares Surge 7% During Intraday

Shares of fintech major MobiKwik surged 6.6% to INR 339.20 apiece on the BSE during intraday trading session today (February 19).

As of 01:01 PM, the stock was last up 2.9% at INR 327.60 per share on the BSE, compared to its previous close of INR 318.30 apiece yesterday (February 18).

Market capitalisation of the company currently stands at INR 2,545 Cr.

The share gains came a day after the stock hit a second consecutive all-time low at INR 310.10 apiece on the BSE.

Founded in 2009 by Bipin Preet Singh and Upasana Taku, MobiKwik is a digital banking platform that offers a suite of financial products for both consumers and merchants. It generates revenue by providing consumer payments, buy now pay later (BNPL) and payment gateway services.

MobiKwik made its market debut on December 18, with the stock listing at INR 442.25 on the BSE, a 58.5% premium against the IPO issue price of INR 279. Furthermore, on the NSE, its shares were listed at INR 440 apiece, a 57.7% premium against the issue price.

Since its listing on the BSE, the company’s shares are now trading more than 23% lower in the exchange today.

To note, the fintech company received approval from its board to incorporate and invest in one or more wholly-owned subsidiaries earlier this month, as it explores new avenues to expand its business.

Prior to that, MobiKwik became the first fintech firm to roll out a full-scale Central Bank Digital Currency (CBDC) wallet and e-rupee (e₹), leading its stock to leap 6.6% to INR 442.80 per share, on January 29.

The fintech giant’s e-rupee wallet will enable users to transfer funds to other e-rupee wallets and regular bank accounts through UPI, as part of a collaboration with the Reserve Bank of India (RBI) and Yes Bank.