As many as 3.8 crore shares will be eligible for trading as the lock-in period ends, according to a note from Nuvama Alternative & Quantitative Research.
It must be clarified that the lock-in period ending does not mean that all of these shares will be sold in the open market, but will only become eligible to be traded.
MobiKwik made a strong start to its journey as a public company, listing at a premium of 58% to its IPO price of ₹279. The stock has corrected nearly 64% from its post-listing high of ₹698.
The company reported its September quarter results earlier on January this year, its first after becoming a public company last year.
MobiKwik reported a net loss of ₹3.6 crore for the September quarter. It had reported a net profit of ₹5.3 crore during the same quarter last year. MobiKwik’s net loss narrowed from the ₹6.4 crore it had reported during the June quarter.
At the same time, its revenue from operations during the September quarter increased by 43% to ₹291 crore, compared to ₹203.4 crore during the same period last year.
MobiKwik’s Earnings Before Interest, Tax, Depreciation and Amortisation (EBITDA) for the quarter declined by 37% from last year to ₹6.8 crore from ₹10.8 crore last year, while margins expanded to 5.2% from 2.3% during the year-ago quarter.
Shares of MobiKwik are trading 5.62% lower at ₹254.80. The stock is down 9% from its IPO price of ₹279.
