MobiKwik's IPO Roars with Instant Success

One MobiKwik Systems' IPO was fully subscribed within an hour of its launch, with a total subscription of 1.82 times. The Gurugram-based fintech, known for its MobiKwik app, plans to utilize proceeds for expanding services and R&D. Despite past setbacks, this IPO marks a turnaround for the firm.

The initial public offering (IPO) of fintech firm One MobiKwik Systems was an instant success, being fully subscribed within just an hour on Wednesday.

According to data from the NSE, the IPO received bids for over 21 million shares against the 11.8 million on offer, marking a 1.82-fold subscription by 11:40 AM.

This is the company’s second IPO attempt after shelving plans in 2021 due to market conditions. MobiKwik aims to allocate its earnings towards expanding digital payment services and R&D initiatives.

(With inputs from agencies.)