One Mobikwik Systems share price rallies 15% on large block deal. Do you own?
One MobiKwik Systems share opened initially in the red at ₹ 230.70 apiece on June 26, as compared to the previous close of ₹ 245.55. However, the stock climbed more than 14 per cent, touching an intraday high of ₹ 282.30.
While the final details of the buyers and the sellers could not be determined immediately, and will be available once the exchanges release the bulk and block deal data for the day, media reports suggested a stake sale by Net1 Applied Technologies Netherlands BV.
Net1 Applied Technologies Netherlands BV, a subsidiary of South Africa's Net1 UEPS Technologies, was planning to sell approximately an 8 per cent stake in the company, as per reports.
The block deal was likely to be offered at a discount of up to 8.4 per cent from the stock's previous closing price, suggesting an effort to trim its investment in the firm.
As per Moneycontrol, Net 1 Applied Technologies invested $40 million (approximately ₹ 268 crore) in Mobikwik in 2016 as part of a strategic collaboration that included integrating its virtual card technology with the Indian digital payments platform.
Mobikwik had a strong stock market debut in December 2024, listing at a 58% premium over its IPO price of ₹ 279. However, the stock has since declined by more than 60% from its post-listing high of ₹ 698. The mandatory six-month lock-in period for pre-IPO investors expired on June 18.
MobiKwik's net loss expanded significantly in the March quarter, reaching ₹ 56 crore, compared to a loss of just ₹ 67 lakh in the same period last year.
The company's revenue saw a modest year-on-year increase of 2.6%, while its Payments Gross Merchandise Value (GMV) surged 2.3 times from the corresponding quarter a year ago.
Despite the growth in GMV, MobiKwik reported an EBITDA loss of ₹ 45.8 crore, primarily due to reduced contribution margins.
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