MobiKwik shares climb, still down 26% from IPO price; is caution advised?

Shares of One MobiKwik Systems Ltd climbed in Tuesday's trade, even as the stock continues to trade well below its initial public offering (IPO) price.

The counter jumped 12.35 per cent to hit a day's high of Rs 226.60 before trimming a significant portion of its gains. It was last seen up 2.08 per cent at Rs 205.90. At this level, the stock is trading 26.20 per cent lower than its IPO price of Rs 279.

The uptick followed the company's announcement that BSE has granted approval to its subsidiary to commence stock broking operations.

The exchange has enabled Mobikwik Securities Broking Pvt Ltd (MSBPL), a wholly-owned subsidiary of One MobiKwik Systems, on its platform with effect from February 24, 2026. The approval comes after MSBPL received stock broking registration from the Securities and Exchange Board of India (Sebi) in July 2025. With this, the company is now authorised to begin broking activities on the BSE platform, including buying, selling, dealing, clearing and settlement of equity trades.

Despite this, some market experts largely maintained a 'cautious' stance on the counter, indicating Rs 190–195 as a crucial support zone.

Ravi Singh, Chief Research Officer at Mastertrust, noted that the stock has slipped from its issue price and is now trading around its all-time low of Rs 190. He said that while the company has improved its operating performance and moved closer to profitability, growth needs to become consistent and scalable. He added that the BSE approval is positive as it allows Mobikwik to expand beyond payments and offer investing services, but the broking industry is already crowded, making execution crucial. Singh cautioned that the stock could see further declines towards Rs 180–174 in the coming days.

Osho Krishan, Senior Analyst – Technical & Derivative Research at Angel One, said the stock has slipped below its 20-day exponential moving average (DEMA), suggesting a bearish undertone. He sees support in the Rs 195–190 zone, while Rs 230–240 is likely to act as a strong resistance band. He advised investors to wait for a decisive breakout before anticipating a trend reversal.

Jigar S Patel, Senior Manager – Technical Research at Anand Rathi, said the stock is trading within a defined short-term range, with strong support near Rs 192 and immediate resistance around Rs 230. According to him, a sustained breakout above Rs 230 with strong volumes may push the stock towards Rs 240 in the near term. Until then, he expects consolidation within the Rs 192–240 range and recommends a wait-and-watch approach.