Mobikwik Shares Surge 89%, Vishal Mega Mart & Sai Life Sciences Rally 40%
On December 18, 2024, three companies—One Mobikwik Systems, Vishal Mega Mart, and Sai Life Sciences—delivered impressive performances on their market debut, despite the overall market being under pressure. The benchmark Nifty 50 index had shed 2.6% over the previous three sessions, reflecting a challenging environment for equity markets. However, these three stocks defied the trend with spectacular gains, marking a strong beginning for their journeys on the stock exchange.
Mobikwik’s Blockbuster Debut
One Mobikwik Systems, a financial technology company specializing in payment systems and digital wallet services, made an exceptional debut on the stock market. The stock opened at Rs 440 on the NSE, marking a 57.7% increase from its issue price of Rs 279 per share. This early surge reflected strong investor interest and confidence in the company’s future potential.
The stock quickly rose to a high of Rs 525 during the opening trade and remained steady between Rs 500 and Rs 525 for most of the session. However, in the final hour of trading, Mobikwik experienced a breakout, reaching its highest level of Rs 528. By the close, it had gained 20% from its opening price, finishing up 89.25% from its issue price of Rs 279.
On the Bombay Stock Exchange (BSE), Mobikwik also saw a strong rally, closing at Rs 530.30, which represented a 90.07% gain from the issue price. However, the stock did not hit the upper circuit limit, which is capped at a 20% increase for new listings with an IPO size over Rs 250 crore.
At the end of the day, Mobikwik’s market capitalization stood at Rs 4,119.71 crore. This was supported by a trading volume of 2.95 crore shares on the NSE and 26.02 lakh shares on the BSE. Mobikwik had raised Rs 572 crore through its initial public offering (IPO), which ran from December 11-13. The IPO was a fresh issue of shares, with the price band set at Rs 265-279 per share.
Vishal Mega Mart’s Strong Performance
Vishal Mega Mart, a popular hypermarket chain catering to middle and lower-middle-income groups, also recorded an impressive debut. The stock opened at Rs 104 on the NSE, representing a 33.3% gain from its issue price of Rs 78 per share. Throughout the trading day, the stock maintained a positive trajectory, fluctuating between Rs 111 and Rs 107, with an intraday high of Rs 114.40. By the close of trading, Vishal Mega Mart shares had surged by 43.5%, closing at Rs 111.93 on the NSE. On the BSE, the stock finished at Rs 111.95, marking a similar 43.53% rise.
The company’s market capitalization crossed the significant Rs 50,000 crore mark, reaching Rs 50,475.11 crore by the end of the trading session. Vishal Mega Mart, with its 645 stores across India, focuses on selling apparel, general merchandise, and FMCG products to the mass market. The company raised Rs 8,000 crore through its IPO, which was entirely an offer-for-sale by the promoters. The IPO opened for public subscription between December 11-13, with a price band of Rs 74-78 per share.
Sai Life Sciences Soars on Market Debut
Sai Life Sciences, a contract research, development, and manufacturing organization (CRDMO) based in Hyderabad, also saw a strong debut on the stock exchange. The company provides drug discovery, development, and manufacturing services for pharmaceutical and biotechnology firms worldwide. Its shares opened at Rs 650 on the NSE, marking an 18.4% premium over the issue price of Rs 549 per share. The stock saw a steady climb during the day, hitting an intraday high of Rs 780 and closing at Rs 764.65, marking a 39.28% gain. On the BSE, Sai Life Sciences ended the day at Rs 765.30, up 39.4%, and its market capitalization stood at Rs 15,917.44 crore.
Sai Life Sciences raised Rs 3,042.6 crore through its IPO, which was a mix of a fresh issue of Rs 950 crore and an offer-for-sale of 3.8 crore shares worth Rs 2,092.6 crore. The IPO opened for subscription between December 11-13, with a price band of Rs 522-549 per share.
Key Takeaways
- Mobikwik: The fintech company saw its shares surge 89.25%, closing at Rs 528, with a market cap of Rs 4,119.71 crore.
- Vishal Mega Mart: The hypermarket chain recorded a 43.5% gain, closing at Rs 111.93, with a market cap of Rs 50,475.11 crore.
- Sai Life Sciences: The CRDMO company posted a 39.28% rise, closing at Rs 764.65, with a market cap of Rs 15,917.44 crore.
These market debuts highlight the strong investor interest in IPOs, especially in the case of companies with strong growth potential. Despite the broader market volatility, Mobikwik, Vishal Mega Mart, and Sai Life Sciences demonstrated their resilience and appeal to investors, making their stock market debuts a resounding success. The robust market performances of these companies underline the growing demand for innovative and promising businesses in India’s diverse sectors.