MobiKwik Triumphs with 7.3x Subscribed IPO

One MobiKwik Systems' IPO has been subscribed 7.3 times, with retail investors showing significant interest. The IPO, a downsized version since its initial 2021 plans, reflects the company's improved financial performance. MobiKwik maintains confidence in its profitability and strong growth outlook in India's online payments sector.

One MobiKwik Systems, a fintech company, saw overwhelming demand for its initial public offering as it was subscribed 7.3 times on its first day. The strong interest from retail investors highlighted confidence in the company's operations and prospects.

This is MobiKwik's second attempt at an IPO after initially shelving plans in 2021 due to market conditions. The company has reduced the size of its offer to Rs 572 crore, down from the planned Rs 1,900 crore back in 2021.

MobiKwik continues to show growth in the competitive digital payment landscape, reporting a profit in FY24. The shares are expected to list on India's top stock exchanges, following a successful fundraising of Rs 257 crore from anchor investors.

(With inputs from agencies.)