– One Mobikwik Systems’ [ONEM.NS] 5.72 billion-rupee ($67.4 million) IPO was fully subscribed within the first hour of the issue opening on Wednesday, as investors bet on strong growth prospects in India’s booming online payments market.
The fintech firm is taking bids from Dec. 11-13 in a price range of 265-279 rupees per share, targetting a valuation of 21.68 billion rupees. The stock is likely to start trading on Dec. 18.
The company, which counts non-bank lender Bajaj Finance, Peak XV and Abu Dhabi Investment Authority as existing shareholders, is selling only new shares in the IPO.
($1 = 84.8540 Indian rupees)
(Reporting by Chris Thomas in Bengaluru; Editing by Sonia Cheema)
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