The ₹572-crore initial public offering (IPO) of One MobiKwik Systems was fully subscribed within an hour of its opening on Wednesday.
As per data from the National Stock Exchange, as of 11:40 AM, the IPO received bids for 2,16,17,852 shares against the 1,18,71,696 shares on offer. The Retail Individual Investor (RII) portion saw a subscription of 7.69 times, while the Non-Institutional Investor (NII) portion was subscribed 1.55 times.
On the eve of the IPO, the fintech firm raised ₹257 crore from anchor investors. The subscription window remains open until Friday.
This IPO is a pure fresh issue of equity shares, with no offer-for-sale (OFS) component. The price band is set between ₹265 and ₹279 per share. The Gurugram-based company plans to use the proceeds for expanding its financial services, payment solutions, research and development in AI, machine learning, and technology, as well as capital expenditure on payment devices.
MobiKwik’s flagship app offers a range of payment options and financial products, including digital credit, investments, and insurance.
This marks the company’s second attempt at an IPO. Its earlier effort in July 2021 was withdrawn in November of the same year due to unfavorable market conditions. Founders Bipin Preet Singh and Upasana Taku refiled the draft papers in January for this renewed public offering.