India's MobiKwik surges 85% in trading debut, valued at $474 mln (updated)

One Mobikwik Systems

18/12/2024 04:41

(Updates shares, adds background from paragraph 4)
       Dec 18 (Reuters) - India's MobiKwik  ONEM.NS  shares
soared 85% in their trading debut on Wednesday, valuing the
financial technology firm at about 40 billion rupees ($474
million), as investors bet on its prospects in a booming online
payments market.
    The stock listed at 440 rupees on the National Stock
Exchange, compared to its offer price of 279 rupees.
    Investors had flocked to MobiKwik's  ONEM.NS  $67 million
IPO last week, placing orders for about 120 times the shares on
offer in one of the most heavily subscribed issues since late
September.
    Millions of Indians pay online for everything from groceries
to flight tickets, aiding the business of financial technology
firms, popularly known as fintechs. These firms offer services
including providing loans and running payment gateway solutions.
    Paytm  PAYT.NS , Walmart  WMT.N  -backed PhonePe and Google
Pay dominate India's online payments market, with the
transaction value set to double to 593 trillion rupees in fiscal
year 2028–29 from 265 trillion rupees in 2023–24, according to
PwC.
    MobiKwik is the latest among a rising number of Indian firms
to go public in a red-hot IPO market, where more than 300
companies have raised $17.50 billion so far this year, more than
double the amount raised in the same period in 2023.  

($1 = 84.9140 Indian rupees)

 (Reporting by Nishit Navin; Editing by Sonia Cheema)
 ((Nishit.Navin@thomsonreuters.com;))