One MobiKwik Systems Ltd makes strong market debut, jumps 90% above issue price

NEW DELHI: One Mobikwik Systems Ltd on Wednesday made a strong market debut, closing at a 90 per cent premium above its issue price of Rs 279. The fintech company's stock began trading at Rs 442.25 on the BSE, up by 58.51 per cent from the issue price and it ended the day at Rs 530.30.Additionally, its shares on the NSE began at Rs 440, registering a 57.70 per cent rise, and settled Rs 528, up by 89.24 per cent. The company's market capital reached Rs 4,119.71 crore.Meanwhile, the BSE benchmark declined by 502.25 points or 0.62 per cent to close at 80,182.20, continuing its downward trend for the third consecutive day. The NSE Nifty fell by 137.15 points or 0.56 per cent to 24,198.85.Earlier, the IPO of One MobiKwik Systems Ltd received strong response and was subscribed 119.38 times.The company's Rs 572-crore initial share offering was priced between Rs 265-279 per share and it comprised fresh equity shares worth Rs 572 crore, without any Offer-for-Sale (OFS) component.The company, established by Bipin Preet Singh and Upasana Taku, operates MobiKwik, its primary application, offering users various payment solutions and financial products including digital credit, investments and insurance.