MobiKwik’s shares surged nearly 18.87% on December 24, hitting an intraday high of 630 rupees (around US$7.6), before closing at 609.15 rupees (around US$7.3), marking a 14.94% increase.

The company saw trading volume of 6.3 crore shares, with a market capitalization of 4,732.26 crore rupees (around US$570 million), and a 37.73% return since its debut on the Bombay Stock Exchange.

This rise came amid a broader market decline, as the Nifty and Sensex fell by 0.11% and 0.08%, respectively.

MobiKwik’s IPO raised 572 crore rupees (around US$69 million) through a fresh issue of shares, with funds earmarked for expanding financial services and improving AI/ML capabilities.

The company reported a net loss of 6.6 crore rupees (around US$800.000) for Q1 FY25, compared to a profit of 3 crore rupees (around US$360.000) the previous year.