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.

According to stock market observers, the company’s shares are available at a premium of ₹132 in the grey market today.

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.

MobiKwik's IPO was fully subscribed within hours, with a subscription rate of 2.61 times by 11:11 AM on the first day. Retail investors subscribed 10.88 times, while non-institutional investors subscribed 2.

MobiKwik, the Indian fintech giant, has opened its Initial Public Offering (IPO) with an overwhelming response from investors.

The retail portion of the MobiKwik IPO is booked 6.14 times while the Non-Institutional Investors’ (NIIs) category is subscribed 1.2 times so far. The Qualified Institutional Buyers applied for only 2,

MobiKwik IPO was subscribed 7.32 times on the first day of subscription, with the portion reserved for retail investors booked the highest among the three groups of investors.

Check listing date, price band, subscription, allotment status, GMP prices, and other details in our live blog.

The initial public offering (IPO) of the digital payments platform One MobiKwik Systems will begin accepting public subscriptions on December 11, aiming to raise Rs 572 crore from the primary market.