Shares in digital payments firm MobiKwik surged 82% to ₹507.5 ($6) on their first day of trading, as the Indian fintech company made its market debut amid fierce competition from larger rivals.
The listing pushed MobiKwik’s market value to $464 million, well above its initial target of $250 million for the public offering. This remains substantially lower than the valuation of $924 million the startup commanded during a private fundraising in 2021.
It’s the latest Indian startup to go public in a red-hot IPO market. More than 20 Indian startups are planning to go public next year, TechCrunch earlier reported.
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