Shares of One Mobikwik Systems turned multibagger on the second trading session on Thursday, after their blockbuster debut on Wednesday. The stock delivered double-digit gains and hit new highs after a stellar 90 per cent rally in its maiden trading session the other day.
Mobikwik shares soared another 14 per cent during the trading session on Thursday to hit new highs at Rs 605. At this price, the stock quickly zoomed 117 per cent in just two trading days over its issue price Rs 279 apiece. The stock had settled at Rs 530.30 on Wednesday, rising 90 per cent on its maiden trading session.
Shares of One Mobikwik Systems were listed at Rs 442.25 on BSE, premium of 58.51 per cent over the issue price of Rs 279. However, the stock soared another 20 per cent for the day, hitting the upper circuit and settling at Rs 530.30 for the day. The total market capitalization company was inching closer to Rs 5,000 crore.
The IPO of Gurugram-based One Mobikwik Systems offered its shares in the price band of Rs 265-279 per share with a lot size of 53 shares. The company raised a total of Rs 572 crore via IPO, which was entirely a fresh share sale of up to 2,05,01,792 equity shares. The issue was overall subscribed a whopping 119.38 times. MobiKwik's recent shift to profitability, coupled with the growing adoption of digital payments, boosted market confidence, said Shivani Nyati, Head of Wealth at Swastika Investmart. "However, sustaining this momentum would depend on its ability to maintain profitability. Investors are recommended to book profits given the high listing gains," she said.
Citing Mobikwik's strong market presence, improved financial performance, and industry tailwinds, Abhishek Pandya, Research Analyst at StoxBox recommended that investors who have been allotted shares consider holding their positions from a medium to long-term perspective.
Mahesh M Ojha, AVP - Research at Hensex Securities said that Mobikwik investors should book partial and remaining can be kept for long term can hold 2-3 years.