One Mobikwik Systems' stock makes stunning market debut; jumps 90%

New Delhi: Shares of fintech firm One Mobikwik Systems Ltd had a dream stock market debut on Wednesday, ending with a huge premium of 90 per cent, against the issue price of Rs 279.

The stock began the trade at Rs 442.25, reflecting a jump of 58.51 per cent from the issue price on the BSE. During the day, it zoomed 90.21 per cent to Rs 530.70. It ended at Rs 530.30, up 90.07 per cent.

On the NSE, shares of the firm listed at Rs 440, surging 57.70 per cent. The stock ended at Rs 528, rallying 89.24 per cent.

The company's market valuation stood at Rs 4,119.71 crore.

In volume terms, 26.03 lakh shares of the firm were traded on the BSE and 295.75 lakh shares exchanged hands on the NSE during the day.

The 30-share BSE benchmark tumbled 502.25 points or 0.62 per cent to settle at 80,182.20, taking its downtrend to the third day. The NSE Nifty declined 137.15 points or 0.56 per cent to 24,198.85.

The initial public offer of One MobiKwik Systems Ltd received a staggering 119.38 times subscription on Friday, amid overwhelming participation from investors.

The Rs 572-crore initial share sale had a price band of Rs 265-279 per share.

The public issue had a fresh issuance of equity shares worth up to Rs 572 crore with no Offer-for-Sale (OFS) component.

This was the second attempt by the Gurugram-based firm for the public issue following its first attempt in July 2021.

Founded by Bipin Preet Singh and Upasana Taku, MobiKwik -- the company's flagship application -- provides consumers access to various payment options and financial products in digital credit, investments and insurance.