MobiKwik's IPO has already received bids worth close to ₹5,000 crore, compared to its offer size of ₹572 crore by the second day of bidding.

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.

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.

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

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.

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.

Mobikwik IPO's GMP jumps over 17%, subscribed 11 times: Experts consider investing for long-term growth in the issue.

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.