As per NSE data, the investment firm, through Peak XV Partners Investment Holdings III, sold 12.01 Lakh shares at INR 679.38 apiece
Last week, Peak XV offloaded more than 7 Lakh shares of the fintech company at INR 579.37 each for a total consideration of INR 40.59 Cr
MobiKwik shares rallied as much as nearly 15% to hit a fresh all-time high of INR 698.30 apiece during the intraday trading on the BSE on December 26
VC giant Peak XV Partners on Thursday (December 26) sold fintech major MobiKwik’s shares worth INR 81.63 Cr via a block deal.
As per NSE data, the investment firm, through Peak XV Partners Investment Holdings III, sold 12.01 Lakh shares at INR 679.38 apiece.
The investment entity held 21.83 Lakh shares, or 2.81% shareholding, in the company as of December 16. Peak XV also holds another 9.98% stake in the company via another entity.
Earlier, on December 19, Peak XV offloaded more than 7 Lakh shares of the fintech company at INR 579.37 each for a total consideration of INR 40.59 Cr.
Shares of MobiKwik
rallied as much as 15% to hit a fresh all-time high of INR 698.30 apiece during the intraday trading on the BSE on Thursday. However, the stock later pared some of its gains and closed the day 4.83% higher at INR 638.55 on the BSE.
Founded in 2009 by Bipin Preet Singh and Upasana Taku, MobiKwik is a digital banking platform that offers a suite of financial products for both consumers and merchants. The fintech company generates revenue by providing consumer payments, buy now pay later (BNPL), and payment gateway services.
It competes against the likes of Paytm, PhonePe, and Google Pay in India’s burgeoning fintech market.
MobiKwik listed on the bourses recently. Its initial public offering (IPO) comprised solely a fresh issue of shares worth INR 572 Cr and had no offer for sale.
The IPO received an overwhelming response from investors and was oversubscribed over 119X. Afterwards, the stock made its debut at INR 442.25 on the BSE, a 58.5% premium to the issue price of INR 279. On the NSE, the shares listed at INR 440 apiece, a 57.7% premium to the issue price.
Since then, the stock has been on a bull run. Earlier this month, brokerage firm Dolat Capital initiated coverage on the stock with a “BUY” rating and a price target of INR 500.
On the financial front, MobiKwik slipped into the red and reported a net loss of INR 6.6 Cr in Q1 FY25 as against a net profit of INR 3 Cr in the year-ago period. Operating revenue stood at INR 342.2 Cr during the quarter under review.
