One MobiKwik Systems IPO subscribed 7.3 times on first day of offer

The initial public offering of fintech company One MobiKwik Systems got subscribed 7.3 times, receiving an overwhelming response from retail investors, on the first day of sale on Wednesday. The Retail Individual Investors part got subscribed 26.71 times, while non-institutional investors category received 8.97 times subscription, and the quota for Qualified Institutional Buyers received a mere 2 per cent subscription. MobiKwik MD and CEO Bipin Preet Singh cited improved financial performance and strategic adjustments behind the IPO downsizing, reflecting a more realistic valuation, based on the current market conditions. MobiKwik's IPO got fully subscribed within an hour of opening of the issue on Wednesday, with investors expressing confidence in the strong growth prospects of India's thriving online payments market.