The ₹572-crore IPO of One MobiKwik Systems was completely subscribed within an hour of its debut on Wednesday.

According to data accessible from the National Stock Exchange (until 11:40 a.m.), the initial share sale got bids for 2,16,17,852 shares, with the fintech business offering 1,18,71,696.

Retail Individual Investors subscribed for the offering 7.69 times, while Non-Institutional Investors subscribed 1.55 times.

Mobikwik Systems received ₹257 crore from anchor investors ahead of its IPO, according to the business. Investors can subscribe to the IPO until Friday.

A new issuance of equity shares without an offer-for-sale (OFS) component is known as a public issue. The pricing range for each share is ₹265-279.

The profits will be utilized to expand its payment services, strengthen its financial services business naturally, carry out technological, machine learning, and artificial intelligence research and development, and make capital investments in payment equipment.

Furthermore, One Mobikwik Systems is making its second effort at a public offering after its first in July 2021. However, it halted its plans and withdrew its draft papers in November of that year due to adverse market conditions.

Bipin Preet Singh and Upasana Taku formed the company, which refiled the draft papers for the current IPO in January.