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

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The initial public offering (IPO) 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 (December 11, 2024).
The initial public offering (IPO) of One MobiKwik Systems, a digital financial services platform, was subscribed 7.3 times on its first day of bidding, December 11, 2023. The IPO received bids for 11.19 crore shares against the 1.53 crore shares offered. The retail investors' portion was subscribed 10.11 times, the non-institutional investors' (NII) portion 10.57 times, and the qualified institutional buyers' (QIB) portion 1.47 times. The IPO, which is set to close on December 13, 2023, aims to raise ₹700 crore at the upper end of the price band of ₹140-150 per share. The funds are intended for growth initiatives, including customer and merchant acquisition, expanding financial services, and investing in data, machine learning, and artificial intelligence. The company also plans to use part of the proceeds for general corporate purposes.

Read the Full The Hindu Article at:
[ https://www.thehindu.com/business/markets/one-mobikwik-systems-ipo-subscribed-73-times-on-first-day-of-offer/article68974638.ece ]