One MobiKwik IPO Surges with Fivefold Subscription in First Hour

One MobiKwik Systems’ IPO sees overwhelming response with shares fully subscribed within an hour. The company aims to fund growth and development in its payment and financial services. The IPO is part of India's buoyant stock market trend, projected to break fundraising records in 2024.

The Initial Public Offering (IPO) of One MobiKwik Systems witnessed a remarkable reception as the shares were fully subscribed in just the first hour of its market debut on Wednesday. Data at the time of reporting indicated a subscription rate approximately five times the number of shares available, driven significantly by retail investors eagerly participating.

One MobiKwik Systems, a prominent payments solution provider, has set a price band between Rs 265 and Rs 279 for its first IPO, which invites investors until Friday. The company's IPO involves only a fresh issue, expected to raise Rs 572 crore, with a minimum bid requirement of 53 shares.

The funds raised will support the company's ambitions for organic expansion in financial and payment services, alongside investments in research and development, and capital expenditure for payment devices. Founded by Bipin Preet Singh and Upasana Taku, One MobiKwik boasts 161.03 million users as of June 2024 and facilitates transactions for over 4.26 million merchants.

Amidst India's flourishing stock market landscape, numerous companies have strategically listed and profited via IPOs. This year, 2024, is projected to be a landmark in fundraising through IPOs, thanks to economic growth, favorable market conditions, and regulatory enhancements, as highlighted by S&P Global Market Intelligence. (ANI)

(With inputs from agencies.)