MobiKwik's [ONEM.NS] 5.72 billion-rupee ($67.4 million) IPO was snapped up in under an hour on Wednesday as retail investors flooded in, betting on the Indian fintech firm's long-term prospects in a booming online payments market and short-term gains once the stock lists.

MobiKwik’s INR 572 Cr IPO saw robust demand from retail individual investors (RII), resulting in an oversubscription for 36.23X

In comparison to its peers like PhonePe, Paytm, and PayPal, MobiKwik significantly lags in registered user base and diversified service offerings, said KRChoksey Shares and Securities.

MobiKwik's IPO saw strong investor interest, with 7x subscription on the first day. Priced at Rs 265-279 per share, the Rs 572 crore offering aims to fuel growth in financial services and AI. Analysts recommend it for high-risk investors,

Recent trends show that Mobikwik shares are trading at a premium of ₹136 on the grey market. As of December 11, the shares are expected to list at a gain of 48.75 per cent.

The initial public offering of One MobiKwik Systems Ltd. has entered the second day of bidding, after it was subscribed 7.32 times as retail investors continued to pour into the issue. The issue was subscribed 9.80 times, as of 11 a.m. on the second day. The price band for the IPO is Rs 265 to 279 per share.

The strong subscription mirrors trends in the grey market, where Mobikwik's unlisted shares commanded a solid premium on Thursday

The grey market premium (GMP) for Mobikwik's IPO surged to Rs 149 on Day 2, up from the previous day, indicating a potential 53.41% listing gain over the upper price band of Rs 279 per share.

The IPO of One MobiKwik Systems Limited was quickly oversubscribed within an hour of bidding, primarily driven by retail and Non-Institutional Investors, as per available data.