MobiKwik’s Rs.572-crore initial public offering (IPO) has made an impressive debut, becoming fully subscribed within just one hour of opening on Wednesday. The fintech company, One MobiKwik Systems, launched the IPO with an offer of 1,18,71,696 shares, which quickly received bids for 2,16,17,852 shares, according to data from the National Stock Exchange as of 11:40 AM.
Retail Individual Investors (RIIs) showed strong interest, with the retail portion of the offering subscribed 7.69 times. The Non-Institutional Investors’ segment also saw a subscription of 1.55 times. Investors can continue to subscribe to the IPO until Friday.
The Gurugram-based company raised Rs.257 crore from anchor investors ahead of the IPO. The offering is a fresh issuance of equity shares, with no offer-for-sale component, and shares are priced between Rs.265 and Rs.279 each.
MobiKwik, known for its mobile payment app, will use the IPO proceeds to fuel its expansion plans, focusing on organic growth within its financial services, enhancing its payment services, and investing in research and development in areas like artificial intelligence and machine learning.
This marks MobiKwik’s second attempt at going public, following a failed attempt in July 2021, which was withdrawn due to unfavorable market conditions. The company refiled its draft papers in January for the current offering.
 has made an impressive debut, becoming fully subscribed within just one hour of opening on Wednesday. The fintech company, One MobiKwik Systems, launched the IPO with an offer of 1,18,71,696 shares, which quickly received bids for 2,16,17,852 shares, according to data from the National Stock Exchange as of 11:40 AM.){kind=link}