One MobiKwik Systems Foreign Investor Offloads Stake Worth Rs 82 Crore
Dec 26, 2024 - ndtvprofit.com
Peak XV Partners, a major foreign investor in One MobiKwik Systems, has reduced its stake in the company from 3.67% to 2.81% by selling 12.01 lakh shares at Rs 679.38 per share, amounting to Rs 82 crore. This divestment comes as One MobiKwik continues its post-IPO growth, with the stock experiencing a 14.68% intraday rise on the NSE. The company's IPO, which closed on December 13, was highly successful, being subscribed 119.38 times, primarily driven by qualified institutional buyers. The IPO raised Rs 572 crore, which MobiKwik plans to use for organic growth in financial services, payment services, research and development, and capital expenditure.
Since its listing, One MobiKwik's stock has risen 20.96%, debuting at a premium on both the NSE and BSE. The stock closed 4.89% higher at Rs 82.04 per share, compared to a 0.10% advance in the Nifty 50. Out of 10 analysts tracking the company, five recommend a 'buy,' one suggests a 'hold,' and four advise 'sell,' with an average 12-month price target indicating a 17% upside. MobiKwik's CEO emphasizes that meaningful growth is more important than financial metrics.
Key takeaways:
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Peak XV Partners sold 12.01 lakh shares of One MobiKwik Systems at Rs 679.38 per share, reducing its stake from 3.67% to 2.81%.
One MobiKwik Systems' IPO was subscribed 119.38 times, with significant demand from qualified institutional buyers.
The stock rose 14.68% intraday on the NSE, closing 4.89% higher, and has increased 20.96% since its listing.
MobiKwik plans to use IPO proceeds for organic growth, payment services, R&D in AI and technology, and capital expenditure.
