Mobikwik IPO oversubscribed 119 times, GMP soared almost 60%: What fuelled investor frenzy?

Mobikwik IPO: A subscription rate exceeding 100 times for a mainboard issue is no small accomplishment. The IPO of One Mobikwik Systems, which opened for subscription on December 11 and closed on December 13, was oversubscribed nearly 120 times, with the stock soaring to a grey market premium (GMP) of ₹166.

Three mainboard IPOs- Vishal Mega Mart IPO, Mobikwik IPO and Sai Life Sciences Limited IPO – concluded last week. All three IPOs were oversubscribed, but the Mobikwik IPO stood out with exceptional demand despite the company operating in a fiercely competitive sector and facing notable business challenges.